America's 14th-largest First Republic Bank has been acquired after failing banking operations. JPMorgan Chase & Co won the bid to acquire the bank. JP Morgan will acquire First Republic's assets, which include approximately $173 billion in loans and $30 billion in securities, as well as $92 billion in deposits.
The agency said in a statement early Monday that JPMorgan and the Federal Deposit Insurance Corp agreed to share the burden of losses on commercial loans as well as any recoveries. "Our financial strength, capabilities, and business model allowed us to win the bid," he said.
11 American banks tried to save the First Republic
Shares of First Republic plunged more than 33% during pre-market trading as of 4:06 a.m. in New York, putting it on track to extend its decline of 97% this year. JPMorgan shares gained 3.8%. Eleven US banks tried to keep the First Republic afloat by pledging $30 billion in new deposits on March 16, including JPMorgan, Bank of America Corp, Citigroup Inc, and Wells Fargo & Co.
Goldman Sachs Group Inc and Morgan Stanley and other banks had offered smaller amounts as part of a plan drawn up with US regulators. But this was not enough. The stock, which was above $170 billion in March 2022, fell below $5 billion by the end of April.
First Republic Bank has been sold and bought many times
First Republic Bank has been bought and sold many times over the years. Merrill Lynch & Company paid $1.8 billion to acquire First Republic in 2007. Its ownership was then passed to Bank of America when it bought Merrill Lynch in 2009. Then in mid-2010 investment firms including General Atlantic and Colony Capital bought First Republic for $1.86 billion and took it public.
ISRO INSAT-3DS Mission: The countdown for the launch of the meteorological satellite INSAT-3DS ha
The Yamuna River in Delhi has reached below the danger mark of 205.33 meters. Due to this, the wa
Karwa Chauth is the festival of wishing for unbroken good fortune. This time the worship of the m
The world is already going through a period of tension. Now such news has come out, which has fur
Jawan Collection Day 4 Worldwide: Atlee Kumar's Bollywood directorial film 'Jawan' has created ha
Kangana Ranaut has been given a ticket by the BJP from the Mandi constituency of Himachal Pradesh
The neighbouring country is nervous ever since the terrorist organizations present in Pakistan we
Rahul Dravid, who led the Indian team to win the T20 World Cup under his coaching, is spending qu
After the announcement of the results of the medical entrance exam NEET UG 2024 on June 4, questi
Farmers Protest: UP farmers move towards Parliament, jam on Delhi-Noida border; Section 144 applied
Farmers who were protesting at the gate of Noida Authority regarding compensation-related demands
