Regional Bank Seized By Feds: Will It Impact Haddonfield Customers?

HADDONFIELD, NJ — Republic First Bank was seized and shut down by federal regulators. But customers of the regional lender, which had a Haddonfield branch, will not lose money from the closure, according to the Federal Deposit Insurance Corporation (FDIC).

The bank's 32 locations — more than half of which are in South Jersey — have reopened as branches of Fulton Bank, which acquired Republic Bank's assets.

Here's what Republic Bank customers should know.

Is My Money Safe?

Yes. No customers lost money as a result of Republic Bank's sudden closure, the FDIC said. All deposits were transferred to Fulton Bank.

Those who receive direct deposits will continue to obtain those payments electronically, and any connected ATM or debit cards will still work. Loan customers should continue making their usual payments.

Changeover Timeline

Customers of Republic Bank have become depositors of Fulton Bank, according to the FDIC. Each branch reopened as Fulton Bank on their first business day following the seizure — Saturday for locations open on weekends and Monday for others.

Routing And Account Numbers

Your account number and routing number will remain the same until Fulton Bank, N.A. notifies you in writing. In the meantime, auto-payments, online banking and other digital services will continue to work with your current information.

Why Did Republic Bank Fail?

The Philadelphia-based lender struggled with low liquidity, failing to file reports detailing year-end financial with the U.S. Securities and Exchange Commission since 2021, according to Reuters.

Republic Bank was set to receive $35 million from a group of investors, but the deal fell apart earlier this year.

On Friday, the Pennsylvania Department of Banking and Securities shut down Republic Bank and appointed the FDIC as its receiver. Fulton Bank purchased substantially all of the defunct lender's assets that day.

Further Questions

Customers with questions about Fulton Bank's acquisition can call the FDIC toll-free at 1-877-467-0178.