Fulton doubles its regional presence while providing stability to customers
Lancaster, Pennsylvania and Philadelphia, April 26, 2024–(BUSINESS WIRE)–Fulton Financial Corporation (NASDAQ:FULT) (the “Company”) today announced that its banking subsidiary, Fulton Bank Narashi (“Fulton”), has acquired substantially all of its announced that it had acquired assets and assumed substantially all of its assets. Deposits of Republic First Bank, doing business as Republic Bank (“Republic Bank”), are from the Federal Deposit Insurance Corporation (“FDIC”). All regulatory approvals, including approval from the Office of the Comptroller of the Currency, were received and the transaction was completed.
“We are excited to double our presence across the region with this transaction,” said Kurt Myers, Fulton Chairman and CEO. “We look forward to welcoming Republic Bank team members and clients to Fulton and offering our comprehensive consumer, commercial and wealth advisory products and services to even more clients.”
During the transition period, Republic Bank depositors will continue to have uninterrupted access to their accounts using their existing ATMs and debit cards, through online banking, or by writing checks. Republic Bank depositors become Fulton depositors and do not need to change their banking relationship to maintain federally insured deposit insurance coverage.
As early as tomorrow, the former Republic Bank financial center will reopen as a Fulton business with regular business hours.
Additionally, as part of this transaction, Fulton Bank will donate $5 million to the Fulton Forward Foundation to support communities across the region who share Fulton's vision of advancing economic empowerment, especially in underserved communities. Provides additional impact grants to nonprofit community organizations.
The main trading conditions are as follows:
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Purchased approximately $6 billion in assets, including an investment portfolio of approximately $2 billion and loans of approximately $2.9 billion.
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Assumed liabilities are approximately $5.3 billion, including approximately $4 billion in deposits and approximately $1.3 billion in other borrowings and debt.
As a result of this transaction, Fulton Bank:
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Significantly advance growth plans in strategically important markets.
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The companies will have approximately $8.6 billion in total deposits and nearly double their presence in the Philadelphia market.
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Improve your liquidity profile by lowering your loan-to-deposit ratio from 99% to 92%.
Investor phone call
Fulton will host a conference call and audio webcast on April 29, 2024 at 11 a.m. Fulton Chairman and CEO Kurt Myers and Interim Chief Financial Officer Betsy Cibinski will host the conference call.
A link to the webcast of this conference call is available at http://investor.fultonbank.com. The webcast will be archived on Fulton's website following the conference call. Participants can also access his 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 served as legal advisor.
Safe Harbor Statement
This press release contains forward-looking statements regarding our financial condition, results of operations and business. Do not place undue reliance on forward-looking statements. Forward-looking statements include the words “may,” “should,” “will,” “could,” “estimated,” “projected,” and “could”. can be identified by the use of words such as , “continue” and “expected”. “believes,” “plans,” “expects,” “future,” “intends,” “plans,” the negative of these terms, and other comparable terms. These forward-looking statements include statements regarding our future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, new business initiatives, and statements regarding our business or financial performance. It may include predictions or guidance regarding expected trends in results. .
Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, this statement is based on our current beliefs, expectations and assumptions regarding the future of our 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, many of which are beyond our control and may cause our actual results of operations and financial condition to vary. They may differ significantly from what is shown. In forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Forward-looking statements are based solely on currently available information and speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For a description of certain risks and uncertainties affecting us and some of the factors that could cause our actual results to differ materially from those described in the forward-looking statements, see “Risk Factors.” ” and in the section titled “Management Views.” “Discussion of Financial Condition and Results of Operations'' in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and other current and periodic reports filed or to be filed with the stock exchanges. and Analysis” which are or will be available on the Investor Relations section of our website (www.fultonbank.com) and the SEC’s website (www.sec.gov).
About Fulton Bank of North Carolina
Fulton Bank, headquartered in Lancaster, Pennsylvania, is a leading community bank in the Mid-Atlantic region. Fulton Bank, a subsidiary of Fulton Financial Corporation, a $27 billion financial services holding company, offers a wide range of products and services in more than 200 financial centers in Pennsylvania, New Jersey, Maryland, Delaware and Virginia. It offers. At Fulton Bank, we aim to change lives for the better by building strong customer relationships, providing tremendous support to our communities, and empowering our more than 3,400 employees to do the same. . Through the Fulton Forward® initiative, we help build vibrant communities. For more information, please visit www.FultonBank.com. Fulton Bank, NA, Member FDIC. Equality Housing Finance Company.
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