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.
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