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.
Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat was invited to attend the consecration cere
National Youth Day 2024: India is a young country. Today is National Youth Day. National Youth Da
All five people aboard the missing submarine died in the North Atlantic. A wreckage of the missin
This was Sunita Williams' first reaction after returning to Earth, NASA released the video.
Astronaut Sunita Williams has returned to Earth. After spending 9 months and 14 days in space, Su
The election atmosphere in Maharashtra is at its peak. All political parties are trying their bes
India Meteorological Department (IMD) in its latest weather forecast said that there may be heavy
All episodes of Stranger Things Season 5 are now out. After three years, the new season was relea
AIIMS Bhubaneswar Recruitment 2023: There is a great chance to get a job at AIIMS. All India Inst
Pawan Modi, father of deceased engineer Atul Subhash, said on Monday that he will also file a cas
NDA: 'What is the guarantee that Nitish...?' DMK leader's big statement on Bihar politics
Bihar CM Nitish Kumar has broken ties with the opposition alliance and joined the NDA camp. When
