Shares of Fulton Financial Corporation jumped over 9% on Monday after the group ran to the rescue of the Republic First bank in a government-backed deal to take over the Philadelphia-based lender's assets valued at $6 billion.
Fulton previously underlined that the buyout of the troubled bank would nearly double its size in Philadephia. The Pennsylvania Department of Banking and Securities closed the door to the Republic First Bank last week, marking this the first case of a lender failure in 2024. The Federal Deposit Insurance Corporation (FDIC) has previously highlighted that following the completion of the transaction, all 32 branches formerly operated by Republic First across the United States will reopen as branches of Fulton Bank.
The corporation's stock surged 9.25% to $17.060 at 10:20 am ET. The failed bank's shares were halted for volatility after having plummeted 58.33% after the opening bell on Wall Street.
