05:34 AM EDT, 04/29/2024 (MT Newswires) -- Fulton Financial ( FULT ) said late Friday that its Fulton Bank subsidiary acquired substantially all of the assets and deposits of Republic First Bank from the Federal Deposit Insurance Corporation, doubling its presence across the region.

The transaction, which includes the purchase of about $6 billion, closed after Fulton Bank obtained all regulatory approvals, including approval from the Office of the Comptroller of the Currency.

The company said the deal "significantly advances" its growth plan in a "strategically important market" and reduces its loan-to-deposit ratio to 92% from 99%, improving its liquidity profile.

The company, whose shares surged more than 10% in premarket activity on Monday, did not disclose the purchasing price.

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