A significant development in the banking sector occurred when US regulators took control of Republic First Bancorp based in Philadelphia. This seizure took place after three other banks faced collapse earlier. The Pennsylvania Department of Banking and Securities, along with the Federal Deposit Insurance Corporation (FDIC), played a role in the seizure.

Fulton Bank, a unit under Fulton Financial Corp., will now handle Republic Bank's deposits and assets according to the FDIC. The move, completed on January 31, 2024, saw Republic Bank's $6 billion in assets and $4 billion in deposits now under the management of another institution.

Apart from its deposits, Republic Bank also had debts and obligations totaling approximately $1.3 billion, as stated by Fulton. This acquisition nearly doubled Fulton's deposit holdings in the Philadelphia market to around $8.6 billion, a move welcomed by Fulton Chairman and CEO Curt Myers.

The 32 branches that Republic Bank had in New Jersey, Pennsylvania, and New York will now operate as Fulton Bank branches and open during business hours starting Saturday or Monday. This seizure adds to a series of regional bank failures in the US, following the collapse of Silicon Valley, Signature, and First Republic earlier on. Republic Bank's unsuccessful financing talks and business model changes led to its downfall.

Overall, Fulton Bank's acquisition of Republic Bank marks another incident in the ongoing banking crisis in the United States.