M&A - FULTON FINANCIAL CORP

Form Type: 8-K/A

Filing Date: 2025-02-28

Corporate Action: Acquisition

Type: Update

Accession Number: 000070056425000013

Filing Summary: On April 26, 2024, Fulton Financial Corporation reported in its Form 8-K/A that Fulton Bank, a wholly owned subsidiary, acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank from the FDIC. The transaction, valued at approximately $4.8 billion, included $2.5 billion in loans, $1.9 billion in investment securities, and $0.2 billion in cash and interest-earning deposits. Fulton Bank assumed liabilities totaling about $5.6 billion, mainly from customer deposits, but did not engage in a loss sharing arrangement with the FDIC. A preliminary gain on the acquisition was recorded at $37 million, net of taxes. The report included financial information as required under Item 9.01, reflecting the business combination as per accounting standards. Fulton Bank’s acquisition is expected to enhance its presence in Philadelphia and New Jersey, and certain financial disclosures are anticipated within a year of the transaction date.

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