Brief: Fulton Financial Expects To Receive $1 Bln From FDIC As Part Of The Transaction - Conference Call

Republic First Bancorp

29/04/2024 16:39

April 29 (Reuters) - Fulton Financial Corp  FULT.O :
    * FULTON FINANCIAL CEO SAYS EXPECTS DEAL FOR REPUBLIC BANK
TO ADD
20% TO EARNINGS PER SHARE IN 2024 - CONFERENCE CALL
    * FULTON FINANCIAL CEO SAYS TOTAL DEPOSITS FOR FULTON
INCREASED
20% AFTER THE DEAL
    * FULTON FINANCIAL SAYS IT EXPECTS TO RECEIVE $1 BILLION
FROM THE
FEDERAL DEPOSIT INSURANCE CORPORATION AS PART OF THE TRANSACTION
    * FULTON FINANCIAL SAYS IT WILL BE SELLING A $2 BILLION
REPUBLIC
BANK SECURITIES PORTFOLIO
    * FULTON FINANCIAL SAYS THERE IS NO LOSS SHARE AGREEMENT IN
THE
TRANSACTION
    * FULTON FINANCIAL EXEC SAYS TOTAL OFFICE LOANS IN REPUBLIC
FIRST'S BOOK IS ABOUT $200 MILLION
    * FULTON FINANCIAL EXEC SAYS SECURITIES WERE TRANSFERRED AT
FAIR
VALUE WITH FDIC ASSUMING SOME LOSS
    * FULTON FINANCIAL EXEC SAYS CAPITAL RAISE WAS NOT REQUIRED
AND
THE BID WAS NOT CONTINGENT ON CAPITAL

Source text for Eikon:  ID: 
Further company coverage:  FULT.O 

 ((Reuters.Briefs@thomsonreuters.com;))