On Friday, regulators took over Republic First Bank in Pennsylvania. The Federal Deposit Insurance Corporation (FDIC) announced an agreement with Fulton Financial (FULT) to acquire most of the bank’s deposits and assets. As of January 21, Republic Bank had around $6 billion in total assets and $4 billion in total deposits.
In response to the news, Fulton stock surged 10% to $17.20 on Friday. The buy point for FULT stock is now at 17.09 from a consolidation period that began in late 2022. For up-to-date stock market information and analysis, follow Ed Carson on Twitter at @edcarson1971 and @IBD_ECarson.
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