Fulton doubles regional presence while
providing stability to customers
Fulton Financial Corporation (NASDAQ: FULT) (the “Corporation”)
today announced that its bank subsidiary, Fulton Bank, N.A.
(“Fulton”), has acquired substantially all of the assets and
assumed substantially all of the deposits of Republic First Bank,
doing business as Republic Bank (“Republic Bank”), from the Federal
Deposit Insurance Corporation (the “FDIC”). All regulatory
approvals, including approval from the Office of the Comptroller of
the Currency, have been obtained, and the transaction has
closed.
“With this transaction, we are excited to double our presence
across the region,” said Fulton Chairman and CEO Curt Myers. “We
look forward to welcoming Republic Bank’s team members and
customers to Fulton and providing our comprehensive set of
consumer, commercial and wealth advisory products and services to
even more customers.”
During the transition, Republic Bank depositors will continue to
have uninterrupted access to their accounts through online banking
or by writing checks, using existing ATMs or debit cards. Republic
Bank depositors will become Fulton depositors and do not need to
change their banking relationship to retain their federally insured
deposit insurance coverage.
Beginning as early as tomorrow, former Republic Bank financial
centers will reopen as Fulton with their regularly scheduled
operating hours.
Additionally, as part of this transaction, Fulton Bank is making
a $5 million donation to the Fulton Forward® Foundation to provide
additional impact grants to nonprofit community organizations
across the region that share Fulton’s vision of advancing economic
empowerment, particularly in underserved communities.
Key transaction terms
include:
- Purchased assets of approximately $6 billion, including an
investment portfolio of approximately $2.0 billion and loans of
approximately $2.9 billion.
- Assumed liabilities of approximately $5.3 billion, including
deposits of approximately $4 billion and other borrowings and
liabilities of approximately $1.3 billion.
As a result of the transaction, Fulton Bank:
- Significantly advances its growth plan in a strategically
important market.
- Almost doubles its presence in the Philadelphia market with
combined company deposits of approximately $8.6 billion.
- Reduces its loan to deposit ratio from 99% to 92%, improving
its liquidity profile.
Investor Call
Fulton will host a conference call and audio webcast at 11 a.m.
on April 29, 2024. Fulton Chairman and CEO Curt Myers and Interim
Chief Financial Officer Betsy Chivinski will host the call.
The link to the webcast of this call can be found at
http://investor.fultonbank.com. The webcast will be archived on
Fulton’s website following the call. Participants can also access
the audio-only webcast at:
https://edge.media-server.com/mmc/p/ap9sadhf.
Piper Sandler & Co. and BofA Securities, Inc. acted as
financial advisors to Fulton in connection with the transaction.
Sullivan & Cromwell LLP acted as legal advisor.
Safe Harbor Statement
This press release contains forward-looking statements with
respect to the financial condition, results of operations and
business of the Corporation. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "may," "should," "will," "could," "estimates,"
"predicts," "potential," "continue," "anticipates," "believes,"
"plans," "expects," "future," "intends," “projects,” the negative
of these terms and other comparable terminology. These
forward-looking statements may include projections of, or guidance
on, the Corporation’s future financial performance, expected levels
of future expenses, including future credit losses, anticipated
growth strategies, descriptions of new business initiatives and
anticipated trends in the Corporation’s business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2023 and other current and periodic reports, which
have been, or will be, filed with the Securities and Exchange
Commission (the "SEC") and are, or will be, available in the
Investor Relations section of the Corporation's website
(www.fultonbank.com) and on the SEC's website (www.sec.gov).
About Fulton Bank, N.A.
Headquartered in Lancaster, Pa., Fulton Bank is a premier
community bank in the Mid-Atlantic region. As a subsidiary of
Fulton Financial Corporation, a $27 billion financial services
holding company, Fulton Bank offers a broad array of products and
services at more than 200 financial centers across Pennsylvania,
New Jersey, Maryland, Delaware, and Virginia. At Fulton Bank, we
seek to change lives for the better by building strong customer
relationships, providing significant community support and
empowering more than 3,400 employees to do the same. Through the
Fulton Forward® initiative, we’re helping build vibrant
communities. Learn more at www.FultonBank.com. Fulton Bank, N.A.,
Member FDIC. Equal Housing Lender.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240426420772/en/
Media: Lacey Dean (717) 735-8688 Investor:
Matt Jozwiak (717) 327-2657
Grafico Azioni Fulton Financial (NASDAQ:FULT)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Fulton Financial (NASDAQ:FULT)
Storico
Da Set 2023 a Set 2024