Federal Deposit Insurance Corp. says California regulators have closed First Republic and appointed it as receiver
San Francisco-based First Republic is the third mid-size bank to fail in two months. The only larger bank failure was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan.
Regulators worked through late last week and this weekend to find a way forward before U.S. stock markets opened. They solicited bids for First Republic Bank’s assets and once again turned to JPMorgan Chase, the nation’s biggest bank, with a reputation as a deal maker during times of crisis. Treasury officials also enlisted JPMorgan last month to spearhead a $30-billion funding package for First Republic.
Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102-billion at the end of 2019′s first quarter, when its full-time work force was 4,600. San Francisco-based First Republic said the $30-billion in funding it received in mid-March from a group of large banks helped it stanch the bleeding. To turn itself around, the bank planned to sell off unprofitable assets, including the low interest mortgages that it provided to wealthy clients. It also announced plans to lay off up to a quarter of its work force, which totalled about 7,200 employees in late 2022.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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First Republic up in air as regulators juggle bank's fateRegulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday
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First Republic: A timeline of key events that led to U.S. bank’s failureBanks have been staring at the biggest crisis since 2008 and the turmoil has ratcheted up fears of a contagion
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First Republic auction underway, with deal seen by Sunday, according to sourcesThe sale process kicked off this week after the lender that got swept up in a banking crisis last month failed to come up with a deal without government help
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