First Republic Bank: JP Morgan will buy First Republic Bank, depositors will get full money


Posted on 2nd May 2023 11:26 am by rohit kumar

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.

 

Also Read: Repo Rate: RBI Monetary Policy April 2023 Minor relief from the increasing burden of loan and EMI, no change in repo rate this time

1 Like 0 Dislike
Previous news Next news
Other news

SIR begins today in 12 states, covering 51 crore voters; the final voter list to be released on February 7

The Election Commission will begin door-to-door Special Intensive Revision (SIR) of electoral rol

PBKS vs MI: Suryakumar Yadav and Ishaan Kishan gave Mumbai their fifth win, Punjab bowlers bowled

Mumbai Indians registered their fifth win in the ongoing IPL season with a six-wicket win against

All Party Delegation: Vikram Misri will discuss with the delegation, briefing with MPs going abroad

The central government is sending an all-party delegation to many countries to clarify India's st

Tribal areas can be kept out of the purview of UCC, Law Commission has received 19 lakh suggestions so far

In some parts of the country, including the northeastern states, tribal groups may be considered

'Dogesh bhai! You go ahead...', Raveena Tandon welcomed SC's decision on stray dogs; she made this demand with advice

The Supreme Court on Friday gave its verdict on the stray dogs case. The apex court said that dog

Delhi has become a gas chamber: Eyes are burning due to pollution, AQI has crossed 349; Conditions have worsened in many areas.

The pollution level in Delhi-NCR was recorded as very bad on Wednesday. Before Diwali, Delhi was

Education Budget 2024: The Finance Minister can make big announcements for education, skill development, and employment, these are the expectations
The first budget of the third term of the NDA government led by Prime Minister Narendra Modi is bein

Animal Box Office Collection: Aamir Khan also accepted defeat in front of 'Animal', the record of his biggest film broken

Animal Box Office Collection: 'Animal' is showing no sign of stopping at the box office. This act

'PAN PAN PAN', the pilot spoke these three words, and the Delhi-Goa flight made an emergency landing in Mumbai; know its meaning.

An emergency landing was made in Mumbai of an Indigo Airlines flight going from Delhi to Goa. The

Paris Olympics 2024: The great sports event will begin today, India would like to reach a number of medals in double digits

The great sports event Paris Olympics 2024 will begin today. 117 players from India are participa

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash