The FDIC said Republic First Bank was the first US bank failure this year|Ryan McFarland|CC BY 2.0

Pennsylvania state regulators have closed the Republic First Bank, according to the Federal Deposit Insurance Corporation (FDIC) and said that Fulton Bank will take over its operations.

Republic First Bank is a much smaller entity compared to Silicon Valley Bank and First Republic, which was absorbed by JPMorgan Chase. And since there is already a buyer, customers’ deposits are protected.

The FDIC said it was the first US bank failure this year.