01:30 PM EDT, 04/29/2024 (MT Newswires) -- (Updates with stock price movement in the first paragraph and headline.)

Fulton Financial ( FULT ) shares were up nearly 8% in recent Monday trading after the company said late Friday that it acquired substantially all of the assets and deposits of Republic First Bank from the Federal Deposit Insurance Corporation via its subsidiary Fulton Bank.

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 did not disclose the purchasing price.

Price: 16.84, Change: +1.22, Percent Change: +7.78