Republic Bank is now part of the Fulton Bank family. In summary, it seems it’s business as usual for Republic Bank customers.
The FDIC and Fulton Bank both stated in a press releases yesterday that Fulton had acquired substantially all of the assets and deposits of Republic Bank from the Federal Deposit Insurance Corporation. The FDIC Faq page can be found here.
Widely know throughout the South Jersey region for their distinctive clear glass bank branches, the 32-branch bank institution has been facing financial challenges, but still has $6 Billion in assets and another $4 Billion in deposits.
Many National Media outlets last night in their headlines only focused on the “Republic Bank” seized aspect, leaving many customers confused regarding the status of their deposits. The full story is that Fulton has taken over Republic. (more on that National coverage below)
Janney Montgomery Scott bank analyst Freddie Strickland spoke with the New York Times, and called Fulton Bank “careful” and “good operators”. In his comments he added “(Republic Bank) Depositors should feel safe with Fulton“
Fulton goes on to say in their Press Release that during the transition Republic bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing checks, using ATM’s or debit cards.
With this transaction, we are excited to double our presence across the region
Fulton Chairman and CEO Curt Myers
It was also stated that as early as this Saturday morning (today), former Republic Bank financial centers will reopen under Fulton ownership, with all of the same regularly scheduled operating hours and services.
Republic Bank depositors will become Fulton depositors, and do not need to change their banking relationship.
I think it’s fair to point out that there is a possibility that in some areas there may be both an existing Fulton Branch and a Republic Branch in close proximity. It’s way to early for Fulton to decide what to do in those situations, if there are any.
Republic Bank – Media Causing Confusion?
I wasn’t planning on covering this, but in reading dozens of comments in several local Facebook town community groups this morning it seems many people were confused by yesterday’s initial news reports… thinking that Republic Bank was fully closed and customers were left in a bad position.
The confusion is understandable since the there are two aspects to the story; Republic Bank was siezed by Federal Regulators yesterday, but in the same announcement it was stated Fulton Bank was taking over.
In fact that actual FDIC (Federal Government agency that insurances banks)… put out a press release with a headline clearly saying that Fulton Bank was taking over Republic Bank.
No concern from that headline.
Unfortunately news headlines can only be so long, and I guess the nationalnews organizations look for the aspect of the story that has broader interest… so the bold headline that made it to the top of many people’s news broadcasts and Internet feeds was simply “Republic Bank Closed by Regulators”
Well known media outlets only focused on the Republic Closing aspect in their headlines include; Wall Street Journal, CNN, New York Post, Forbes and ABC News.
Local news outlets such as the Philadelphia Inquirer called out the Fulton takeover aspect in the headline.
In South Jersey Republic bank has built a strong presence particularly in the counties of Camden, Gloucester and Burlington
There are financial centers featuring distinctive mostly glass exterior wall which connects the bank interior to the outside community.
Over recent years 42Ffreeway is covered several of the Republic bank construction projects including Deptford Mall (2021), Blackwood-Clementon Road (2018) and Winslow Cross Keys (2017).