A backstop in March of $30 billion in deposits bought enough time for the FDIC to sell the bank after its first-quarter results revealed more trouble.
A quick rise in interest rates, a large amount of uninsured deposits and a first-quarter update that revealed further weaknesses in its business all contributed to the demise of First Republic Bank, now the second-largest bank blowup since Washington Mutual.
First Republic’s fight for survival began in early March when Silicon Valley Bank disclosed a run on deposits and said it would be forced to raise more capital after selling assets at a loss. In an unprecedented move, 11 banks last month deposited $30 billion to backstop First Republic’s balance sheet.
The stock’s losses mounted last week as reports surfaced of efforts under way to sell the bank. At first, regulators and banks tried to resolve the situation in a so-called open bank deal, which would avoid a government takeover of First Republic.
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First Republic Bank seized, sold to JPMorgan ChaseRegulators have seized troubled First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. First Republic on Monday becomes the third midsize bank to fail in two months. It is the second-biggest bank failure in U.S. history, behind only Washington Mutual, which collapsed at the height of the 2008 financial crisis. First Republic suffered a modern day bank run after the collapse of Silicon Valley Bank and Signature Bank, a run fueled by the speed of social media and digital withdrawals that an be made in seconds from a phone.
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FDIC likely to seize First Republic BankRegulators are likely to seize First Republic Bank, after potential buyers shied from acquiring the bank, fearing tens of billions of dollars in losses from the securities and loans on its balance sheet.
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Big banks including JPMorgan Chase, Bank of America asked for final bids on First RepublicU.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon.
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First Republic auction underway, with deal expected by SundayCitizens, PNC and JPMorgan are among roughly half a dozen bidders for First Republic, which was swept up in a banking crisis last month. The auction process is being run by U.S. regulators
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FDIC asks banks that want troubled First Republic Bank to submit bids by SundayThe Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids.
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Federal regulators race to seize and sell First Republic BankBREAKING: Federal regulators are racing to seize and sell First Republic Bank as soon as this weekend, a source familiar with the matter told ABC.
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