Eight companies, including Bank OZK, BankUnited and Flushing Bank, bid on buying all or some of Republic First Bank in Philadelphia.
Fulton Financial in Lancaster, Pa., prevailed after placing a bid with a $374 million asset discount and no loss-sharing agreement, according to information released by the Federal Deposit Insurance Corp. Fulton’s bid excluded any deposits or assets tied to digital assets such as crypto.
The other bidders were Bank OZK, BankUnited, Flushing Bank, Fortress Credit Advisors, LSREF Pen Super Holdings, LVP Investments, and Reverence Capital Partners Opportunities Fund V-C2.
While the FDIC doesn’t share which entities made certain bids, it disclosed that four bids had asset discounts of $647 million to $923 million. A bidder wanted a loss-share agreement for commercial loans; two wanted arrangements on single-family and commercial loans.
The other bidder who declined a loss-share pact wanted an $895 million asset discount.
The FDIC disclosed that five bidders sought to buy loan pools.