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.
Republic First’s closure can be traced back to its parent company’s failure to file financial reports and sinking share value as well as years-long disputes between the bank’s board of directors and investors, including a recently settled dispute between former CEO Vernon Hill II and his counsel at Holland & Knight.
