Republic First Bank, which has been absorbed into Fulton Bank, at 1601 Market St. in Philadelphia. Credit: Amanda O'Brien/ALM Sullivan & Cromwell Reps Fulton Bank in Absorption of Republic First
Republic First's recent struggles included a clash between its ousted founder and the board, which prompted a lawsuit—since resolved—accusing Holland & Knight of overbilling.
April 29, 2024 at 04:51 PM
2 minute read
Financial Services and Banking
What You Need to Know
- Republic First Bank has officially shuttered, with Fulton Bank absorbing its assets in a deal overseen by the FDIC.
- Sullivan & Cromwell represented Fulton Bank in the transaction.
- The bank most recently made headlines when its former CEO Vernon Hill II sued Holland & Knight over its representation of him in a power struggle among the bank's board of directors.
Philadelphia-based Republic First Bank has officially been shuttered by the state's Department of Banking and Securities, with the Federal Deposit Insurance Corp. transferring a majority of the beleaguered bank's assets over to Lancaster-based Fulton Bank, represented in the deal by Sullivan & Cromwell.
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