CNN —The Federal Deposit Insurance Corporation on Friday said that Republic Bank has been closed by Pennsylvania state regulators, in what the FDIC said was the first US bank failure this year. “Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement. That makes Republic Bank (FRBK) far smaller than the regional bank failures that rocked the financial world last year. The FDIC said that Republic Bank was the first bank to fail in the United States since Citizens Bank in Sac City, Iowa, in November 2023.

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