Fulton jumps after launching stock offering to support its Republic First deal

Fulton Financial

29/04/2024 12:48

** Shares of Fulton Financial rise ~12% at $17.5 in
premarket trading 
    ** Fulton on Monday launched a common stock offering to
support its acquisition of the deposits and assets of Republic
First from regulators, which marked the first U.S. bank failure
of 2024
    ** It intends to use the proceeds of the stock offering for
general corporate purposes, including supporting "new
opportunities" from the deal for Republic Bank - co
    ** Fulton bought the deposits and assets of Republic First
from the Federal Deposit Insurance Corporation 
    ** Fulton expects the deal will double its presence in the
Philadelphia market 
    ** As of last close, FULT down ~5% YTD 

 (Reporting by Pritam Biswas and Jaiveer Shekhawat in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))