WASHINGTON, April 27. /TASS/. The Pennsylvania Department of Banking and Securities closed the Republic First Bank and handed over its assets to the Federal Deposit Insurance Corporation (FDIC), the federal agency announced on its website.

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

In turn, the FDIC signed an agreement with Fulton Bank to assume all of the closed bank’s deposits and on purchase of all its assets.

"Republic Bank’s 32 branches in New Jersey, Pennsylvania and New York will reopen as branches of Fulton Bank on Saturday (for branches with normal Saturday hours) or on Monday during normal business hours," the Corporation said.

The depositors will be able to access their funds using writing checks, ATMs or debit cards, the agency noted, adding that loan customers should continue to make their payments as usual.

According to the FDIC’s assessments, the cost to the Deposit Insurance Fund related to the failure of Republic Bank will be about $667 million.