Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York, has been closed by Pennsylvania state regulators, the Federal Deposit Insurance Corporation (FDIC) said in a statement on Friday.

"Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the FDIC as receiver," said the statement.

To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank, it said.

The bank had about 6 billion U.S. dollars in total assets and 4 billion U.S. dollars in total deposits as of Jan. 31, the FDIC said.

The case is the first U.S. bank failure in 2024. The last bank failure -- Citizens Bank, based in Sac City, Iowa -- was in November 2023, according to the FDIC release.

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