The following list of responses to frequently asked questions may assist you in understanding what happened at Republic First Bank dba Republic Bank.
On Friday, April 26, 2024, Republic First Bank dba Republic Bank (“Republic Bank”), Philadelphia, Pennsylvania, was closed by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was then appointed Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Fulton Bank, National Association (N.A.) of Lancaster, Pennsylvania, to assume substantially all of the deposits and substantially all the assets of Republic Bank.
IS MY MONEY SAFE?
Yes! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to Fulton Bank, N.A.
DO I HAVE ACCESS TO MY MONEY?
Yes! You may continue to use your same checks, and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money markets, certificates of deposit, and retirement accounts, has been transferred to Fulton Bank, N.A. and will be available for transactions daily.
WHAT HAPPENS WITH MY DIRECT DEPOSITS?
All direct deposits, for example, social security, payroll, veterans’ benefits, disability, unemployment or any payment you receive electronically will continue as usual.
WILL MY AUTOPAYMENTS/BILL PAY/ONLINE BANKING STILL WORK?
Yes! These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by Fulton Bank, N.A.
WILL I RECEIVE INTEREST ON MY INTEREST BEARING ACCOUNTS?
Yes! Interest on deposits accrued through April 26, 2024, will be paid at your same rate. Republic Bank’s rates will be reviewed by Fulton Bank, N.A. and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with Fulton Bank, N.A.
WHAT HAPPENS WITH MY BROKERED DEPOSITS?
All brokered deposits have been assumed by Fulton Bank, N.A. If you are a customer who has a Republic Bank deposit through a broker, you must contact your broker with any questions.
HOW WILL I GET MY 1098/1099s FOR TAX REPORTING?
Fulton Bank, N.A. will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
CAN I STILL USE MY SAFE DEPOSIT BOX?
You will have access to your safe deposit boxes. Any changes will be communicated by Fulton Bank, N.A.
CAN I OVERDRAFT MY ACCOUNT OR USE A LINE OF CREDIT?
Lines of credit have been transferred to Fulton Bank, N.A. For questions on use of existing credit lines and overdrafts, or new lending, please contact them directly.
DO I CONTINUE TO MAKE MY LOAN PAYMENTS?
You should continue to make your payments according to the terms of your written contract. You may continue to send your payments to the same payment address with checks made payable to Republic Bank. You will receive a letter advising you of any changes.
If you need to contact an FDIC Loan Representative you may:
- Send an email to FDIC_Loans@fdic.gov.
- Contact Us at FDIC.gov or the support center link:
https://ask.fdic.gov/fdicinformationandsupportcenter/s/.
WILL MY ESCROW PAYMENTS STILL BE MADE?
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.
I HAVE A LOAN IN PROCESS, WHAT DO I DO?
Please contact your current loan officer directly.
I AM A SHAREHOLDER OF REPUBLIC BANK, WHO SHOULD I REACH OUT TO?
The holding company, Republic First Bancorp, Inc., Philadelphia, Pennsylvania, owns all shares of Republic Bank stock. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly for more information.
Republic First Bancorp, Inc.
50 South 16th Street, Suite 2400
Philadelphia, Pennsylvania 19102
WHAT IF REPUBLIC BANK OWES ME MONEY, HOW DO I FILE A CLAIM?
Creditors must submit claims electronically or in writing, together with proof of the claim. Please visit the FDIC’s Failed Bank Customer Service Center secure web portal to submit your claim electronically at https://resolutions.fdic.gov/fbcsc/s. To file a claim in writing via mail, please go to the following FDIC website https://www.fdic.gov/forms/deposit-claims-asset-sales to obtain a Proof of Claim form. Complete and mail the Proof of Claim form along with supporting documentation to the following address:
FDIC as Receiver for Republic First Bank dba Republic Bank
600 N. Pearl Street, Suite 700
Dallas, Texas 75201
Attention: Non-Deposit Claims
WHAT IF I HAVE A DEPOSIT ACCOUNT AT FULTON BANK, N.A.?
If you have accounts in both Republic Bank and Fulton Bank, N.A., they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.
SHOULD I BE WORRIED ABOUT SCAMS?
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Republic First Bank dba Republic Bank, Fulton Bank, N.A., or the FDIC.
I HAVE MORE QUESTIONS.
Please contact the call center at the number provided below with any additional questions:
1-888-206-4662
Hours of Operation — Central Time
Monday – Friday (excluding federal holidays): 8am – 4pm
Additional information: https://www.fdic.gov/bank-failures/failed-bank-list.