Ferronis was not and had never been a member world of the Galactic Republic ever since it was settled in approximately 3,965 BBY. Never having had much to do with the rest of the galaxy, Ferronis managed to escape the bulk of the Mandalorian Wars, Jedi Civil War and much of the other trouble in the galaxy up to 61 BBY.
Ferronis was ruled by a constitutional monarchy.
Ferronis was also home to a small shipyard, Stortress Shipyards, which manufactured warships up to frigate size (largest being 375 metres) for the Royal Ferronis Starfleet. There were rumors that some of these ships had also been purchased by the Republic's Judicial Starfleet, but these were unconfirmed (as of 61 BBY).
The asteroids that were present in the Ferronis system were mined for their mineral content.