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.
The maximum temperature of Agra reached 46.9 degrees Celsius on Friday. The risk of sun
Former Indian team batsman Manoj Tiwari said that Mumbai Indians should hand over the captaincy b
This time 20 teams are participating in the T-20 World Cup to be held in America and We
Maamannan: Madras High Court gives relief to the makers of 'Maamannan', refuses to stay the film
There is good news for the makers of the Tamil film 'Mamanan'. The Madras High Court has refused
Indian footballer Sunil Chhetri will play his last international match against Kuwait on June 6.&
On one hand, initial trends in the counting of votes for 29 municipal corporations in Maharashtra
Lulu Group has praised Indian Prime Minister Narendra Modi. Lulu Group Chairman and Managing Dire
If you are also going to get a new passport (Passport Seva portal Close) then this news is for yo
Former Bihar Chief Minister and RJD chief Lalu Yadav, former Bihar CM Rabri Devi, Bihar Deputy CM
The Indian team entered the final of the ODI World Cup after 12 years. The Rohit Sharma-led India
