Fulton Financial Corp. has stepped in to take over failed Republic First Bank, which regulators closed on Friday.

Fulton, the Lancaster-based parent company of Fulton Bank, has acquired "substantially all of" the assets and deposits of Republic First from the Federal Deposit Insurance Company (FDIC).

Republic First Bank operated as Republic Bank. As of Jan. 31, Republic Bank had about $6 billion in total assets and $4 billion in total deposits. The FDIC estimates that the failure of the bank will cost its Deposit Insurance Fund $667 million, and that "Fulton Bank's acquisition of Republic Bank is the least costly resolution."

The move means Republic depositors continue to have access to their accounts, and Fulton increases its presence in the Philadelphia market. As of Saturday, Republic First's 32 branches became Fulton branches.

"During this transition, Republic Bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing check, using existing ATMs or debit cards," according to a statement from Fulton. "Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain their federal insured deposit insurance coverage."

Republic Bank reached an agreement with an investor group for a capital infusion last year, but that deal fell apart. It is the first FDIC insured bank to fail in 2024.

Fulton Bank will hold a conference call at 11 a.m. on Monday, April 29, to discuss the transaction. Fulton Chairman and Chief Executive Curt Myers and interim Chief Financial Officer Betty Chivinski will be on the call.

Shares of Fulton Bank are traded on Nasdaq under the ticker symbol FULT. The closing price of the shares Friday was $15.62, and they rose 88 cents to $16.50 in late trading.

Shares of Republic First were trading under the symbol FRBK over the counter and were going for about a penny on Friday.