Fulton Financial Corporation (Fulton) through its bank subsidiary, Fulton Bank, has acquired substantially all of the assets and assumed substantially all of the deposits of Republic First Bank (Republic Bank) from the Federal Deposit Insurance Corporation (FDIC) and closed a $287.5 million common stock offering in connection with the acquisition.
The acquisition comprises $6 billion of assets, including a $2 billion investment portfolio and $2.9 billion of loans, and $4 billion of deposits.
The underwritten $287.5 million common stock offering included a 30-day option for the underwriters to purchase an additional 2.5 million shares issued at the public offering price, which was exercised in full. The proceeds will be used to support new opportunities related to the acquisition.
Headquartered in Lancaster, Pennsylvania, Fulton Financial Corporation is a $27 billion financial services holding company with more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware and Virginia. All of Republic Bank’s 32 branches in Pennsylvania, New Jersey and New York were acquired by Fulton in the transaction.
The S&C team representing Fulton on the acquisition includes Mitch Eitel, Stephen Salley, Patrick Lynch and Gabrielle Pacia.
The S&C team representing Fulton on the common stock offering includes Cathy Clarkin, Mario Schollmeyer, Cameron Teschuk, William Merriam and Harold Schaaff.