First Republic clients pulled $100B in deposits during panic
1 year, 7 months ago

First Republic clients pulled $100B in deposits during panic

Associated Press  

NEW YORK — Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank. San Francisco-based First Republic said Monday that it was only able to staunch the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits. First Republic reported first-quarter results Monday that showed it had $173.5 billion in deposits before Silicon Valley Bank failed on March 9. But its franchise became a liability when bank customers and analysts noted that the vast majority of First Republic’s deposits, like those in Silicon Valley and Signature Bank, were uninsured — that is, above the $250,000 limit set by the FDIC — which meant that if First Republic were to fail, its depositors would be at risk of not getting all their money back.

Bank Silicon Valley Republic Deposits Silicon Valley Bank First Republic  republic  deposits  signature  uninsured  banks  pulled  bank  billion  clients  loans  silicon  valley  panic  100b

History of this topic

Regulators close Philadelphia-based Republic First Bank, first US bank failure this year
7 months, 3 weeks ago

Regulators close Philadelphia-based Republic First Bank, first US bank failure this year

Associated Press  

WASHINGTON — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets and $4 billion in deposits as of Jan. 31. Republic First Bank depositors can access …

How bots and short sellers brought down First Republic Bank
10 months, 3 weeks ago

How bots and short sellers brought down First Republic Bank

Daily Mail  

Bots and fake accounts spread misinformation about First Republic Bank, triggering the withdrawal of $100billion in deposits and driving its share price down until it became the second-biggest bank failure in U.S. history, according to a new report. The yellow bars show suspected activity by bots during two major peaks, which coincided with huge withdrawals of money and the eventual …

CEOs of the nation’s biggest banks warn that new regulations could harm the economy
1 year ago

CEOs of the nation’s biggest banks warn that new regulations could harm the economy

Associated Press  

NEW YORK — The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated, warning that the new proposals could negatively impact the economy at a time of geopolitical turmoil and inflation. Whereas in previous years the bank CEOs used …

Heads of failed banks refuse to accept blame, defend their pay and bonuses
1 year, 7 months ago

Heads of failed banks refuse to accept blame, defend their pay and bonuses

LA Times  

Gregory Becker, left, former CEO of Silicon Valley Bank, testifies with Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing on Capitol Hill on Tuesday. Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday, …

California bank regulator finds own faults in bank’s demise
1 year, 7 months ago

California bank regulator finds own faults in bank’s demise

Associated Press  

NEW YORK — California’s bank regulator said Monday that it was too slow to see the growing risks at Silicon Valley Bank and did not act forcefully enough to get the bank to fix its problems. A report from the California Department of Financial Protection and Innovation echoed similar findings in a Federal Reserve report looking at its own supervision …

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure
1 year, 7 months ago

California regulator cites social media, digital banking as key factors in Silicon Valley Bank’s failure

LA Times  

California’s chief banking regulator took its fair share of blame Monday for Silicon Valley Bank’s collapse, admitting that the department was slow to demand fixes at the troubled institution — too slow for an era in which social media and mobile banking could combine to drive an unprecedented run on the bank’s deposits. “While many internal factors made Silicon Valley …

The banking crisis isn’t over. But how bad will it get?
1 year, 7 months ago

The banking crisis isn’t over. But how bad will it get?

Associated Press  

NEW YORK — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong. A renewed sell-off Thursday focused on PacWest Bancorp and Western Alliance Bancorp, two smaller regional banks whose shares have …

First Republic rescue fails to calm market turmoil
1 year, 7 months ago

First Republic rescue fails to calm market turmoil

Al Jazeera  

The rescue of First Republic has failed to calm market fears about the integrity of the United States banking system, with regional bank shares plummeting for a second straight day. “If a ‘confidence crisis’ can happen to First Republic, it can happen to any bank in this country,” Jake Dollarhide, chief executive officer of Longbow Asset Management, told the Reuters …

Bank stocks continue to fall following First Republic demise
1 year, 7 months ago

Bank stocks continue to fall following First Republic demise

Associated Press  

NEW YORK — Regulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks such as Western Alliance Bank, PacWest Bancorp, Comerica and Zions …

First Republic Bank sold to JPMorgan Chase: What you need to know
1 year, 7 months ago

First Republic Bank sold to JPMorgan Chase: What you need to know

Firstpost  

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe. First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares …

Why First Republic failed. Are other banks to follow?
1 year, 7 months ago

Why First Republic failed. Are other banks to follow?

Associated Press  

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also contributed to its undoing. What’s more, the large …

US banking crisis: Is your money safe?
1 year, 7 months ago

US banking crisis: Is your money safe?

Al Jazeera  

As another US bank collapses, here’s what you need to know about how to keep your money safe. If you have multiple individual accounts at the same bank, for example, a savings account and certificate of deposit, those are added together, and the total is insured up to $250,000. The FDIC offers an electronic deposit insurance estimator, a tool to …

First Republic collapses: Are other US banks at risk?
1 year, 7 months ago

First Republic collapses: Are other US banks at risk?

Hindustan Times  

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also contributed to its undoing. What's more, the large …

'First Republic Bank was severely mismanaged, would be held accountable': White House
1 year, 7 months ago

'First Republic Bank was severely mismanaged, would be held accountable': White House

Hindustan Times  

Decisive actions taken by U.S. regulators to seize First Republic Bank and facilitate its takeover by JPMorgan Chase & Co will protect depositors and ensure the banking system stays stable, White House press secretary Karine Jean-Pierre said on Monday. People walk past a First Republic bank in Manhattan on May 01, 2023 in New York City. Jean-Pierre told reporters that …

First Republic Bank seized, sold in fire sale to JPMorgan
1 year, 7 months ago

First Republic Bank seized, sold in fire sale to JPMorgan

Associated Press  

NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system. First Republic’s 84 branches opened on …

Why First Republic failed. Are other banks to follow?
1 year, 7 months ago

Why First Republic failed. Are other banks to follow?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Republic Bank has become …

The three banks that have failed this year are bigger than the 25 that crumbled in 2008
1 year, 7 months ago

The three banks that have failed this year are bigger than the 25 that crumbled in 2008

Daily Mail  

The three American banks that have failed so far this year are bigger than the 25 that collapsed in 2008, data shows. Officials announced Monday that they have closed San Francisco-based First Republic Bank, making it the third major US bank to collapse in the past two months after Silicon Valley Bank and Signature Bank crumbled in March. Officials announced …

First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank Fail
1 year, 7 months ago

First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank Fail

Live Mint  

Regulators seized First Republic Bank and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co., heading off a chaotic collapse that threatened to reignite the recent banking crisis. San Francisco-based First Republic, the second-largest bank to fail in U.S. history, lost $100 billion in deposits in a March run following the collapse of fellow …

Here's what you need to know about bank failures
1 year, 7 months ago

Here's what you need to know about bank failures

Hindustan Times  

Recent turmoil in the banking industry may have you worried about your money. If you have over $250,000 in individual accounts at one bank, which most people don't, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief of Investopedia, a …

US regulators seize California's First Republic in latest banking failure
1 year, 7 months ago

US regulators seize California's First Republic in latest banking failure

Raw Story  

US financial authorities have taken possession of California's troubled First Republic Bank, which will be acquired by JPMorgan Chase, government regulators announced Monday in the latest banking failure. "To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the …

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan
1 year, 7 months ago

US Regulators Seize Assets Of First Republic Bank, To Be Sold To JPMorgan

ABP News  

First Republic Bank's assets were taken over by the US regulators and will be acquired by JPMorgan Chase after rescue efforts failed to undo the damage from wrong-way investments and depositor runs that have roiled regional lenders, news agency Bloomberg reported on Monday. BREAKING: First Republic Bank has officially been closed by regulators, making it the second biggest bank failure …

Regulators seize First Republic Bank, sell to JPMorgan Chase
1 year, 7 months ago

Regulators seize First Republic Bank, sell to JPMorgan Chase

The Hindu  

Regulators seized troubled First Republic Bank early on May 1 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. San Francisco-based First Republic is the third midsize bank to fail in two months. The Federal Deposit Insurance Corporation said early on May …

JPMorgan will assume control of all First Republic deposits but not company's corporate debt
1 year, 7 months ago

JPMorgan will assume control of all First Republic deposits but not company's corporate debt

Daily Mail  

San Francisco-based First Republic had total assets of $229.1 billion as of April 13 Regulators seized the bank on Monday and a deal to sell its assets was struck First Republic Bank has been sold to JPMorgan Chase after regulators seized it on Monday, making it the third major bank to fail in two months. Pictured: First Republic Bank headquarters …

First Republic Bank's fate is in limbo as US regulators consider bids from PNC, Chase and Citizens
1 year, 7 months ago

First Republic Bank's fate is in limbo as US regulators consider bids from PNC, Chase and Citizens

Daily Mail  

Regulators searched for a solution to First Republic Bank's woes over the weekend, hoping to find a way forward before U.S. stock markets open on Monday. San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors grew increasingly worried the bank may not survive as an independent …

First Republic up in air as regulators juggle bank’s fate
1 year, 7 months ago

First Republic up in air as regulators juggle bank’s fate

Associated Press  

NEW YORK — Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday. San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors have grown increasingly worried that the bank may not survive as …

Opinion: It’s not just First Republic that failed. It’s the whole banking system
1 year, 7 months ago

Opinion: It’s not just First Republic that failed. It’s the whole banking system

LA Times  

First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on Monday. The collapse of Silicon Valley Bank and now First Republic underscores how the effect of risky decisions at one bank can quickly spread into the broader financial system. At Silicon Valley …

First Republic: Cheap, interest-only jumbo mortgages to Silicon Valley’s elite fueled the bank’s failure
1 year, 7 months ago

First Republic: Cheap, interest-only jumbo mortgages to Silicon Valley’s elite fueled the bank’s failure

LA Times  

Jumbo mortgages on Silicon Valley homes compounded the troubles of First Republic Bank, which regulators seized. The seeds of First Republic Bank’s downfall were sown in the jumbo mortgages of Silicon Valley, where a unique strategy to loan wealthy individuals extraordinary sums of money blew up in spectacular fashion. On March 16, as panic spread across regional banks in the …

First Republic collapse sparks regional bank shares sell-off
1 year, 7 months ago

First Republic collapse sparks regional bank shares sell-off

Al Jazeera  

With the third major casualty since March, depositors flee regional lenders, driving fears about other smaller banks. Shares of several regional lenders have fallen on Monday after the collapse of First Republic Bank, the third major casualty of the biggest crisis to hit the banking sector in the United States since 2008. The banking turmoil erupted from the closure of …

Warren: First Republic collapse shows how deregulation made “too big to fail” banks “even worse”
1 year, 7 months ago

Warren: First Republic collapse shows how deregulation made “too big to fail” banks “even worse”

Salon  

This article originally appeared at Common Dreams. "The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse," said Warren in response to the news. "As part of the transaction," said the FDIC, "First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today …

First Republic stock rout worsens after receivership report
1 year, 7 months ago

First Republic stock rout worsens after receivership report

Al Jazeera  

If the San Francisco-based lender falls into receivership, it would be the third US bank to collapse since March. First Republic Bank shares plunged after a CNBC report that the lender was likely headed for receivership under the US Federal Deposit Insurance Corporation, worsening a rout that has wiped out 75 percent of the stock’s value this week. If the …

First Republic Bank teeters on collapse as regulators circle troubled lender
1 year, 7 months ago

First Republic Bank teeters on collapse as regulators circle troubled lender

CBS News  

The Federal Deposit Insurance Corporation is set to seize control of First Republic Bank, according to multiple reports. Shares of the ailing regional bank cratered on Friday following a CNBC report that it is likely to be seized by federal financial regulators, putting it in jeopardy of becoming the third bank to collapse since Silicon Valley and Signature Bank failed …

First Republic Bank stock plunges to record low as rescue plan proves elusive
1 year, 7 months ago

First Republic Bank stock plunges to record low as rescue plan proves elusive

LA Times  

U.S. officials are coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve orchestrating meetings about throwing it a lifeline. First Republic Bank plunged to a record low as investors sorted through rescue scenarios, none of which is likely to be good for current shareholders. U.S. officials are coordinating talks to rescue …

First Republic Bank Is a Problem With No Easy Solution
1 year, 7 months ago

First Republic Bank Is a Problem With No Easy Solution

Live Mint  

First Republic Bank is running up against a grim reality in its fight for survival: There are seemingly no good options. That prompted a group of 11 big banks to deposit $30 billion with First Republic last month in hopes of stabilizing it. Its proposals included a plan whereby the other banks would buy First Republic’s loans or securities, or …

Here’s what we know about First Republic Bank
1 year, 7 months ago

Here’s what we know about First Republic Bank

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. We also know that First Republic’s net interest income, which shows how much money the bank earned from lending and borrowing, was down 19.4% year-over-year at the end of the first quarter. That’s lower than the 94% at Silicon Valley Bank — but at the end …

First Republic shares sink again, down nearly 60% in week
1 year, 7 months ago

First Republic shares sink again, down nearly 60% in week

Associated Press  

First Republic Bank’s stock continued to slide Wednesday, an ongoing rout that has erased 60% of its value just this week on concerns about the bank’s financial health in the wake of two other bank collapses. Shares slumped almost 30%, following an even more severe tumble Tuesday, after the bank revealed that depositors withdrew more than $100 billion last month …

Shares of First Republic Bank continue to slide
1 year, 7 months ago

Shares of First Republic Bank continue to slide

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

First Republic shares hit record low after depositors pull $100bn
1 year, 7 months ago

First Republic shares hit record low after depositors pull $100bn

Al Jazeera  

First Republic’s stock closes down nearly 50 percent amid questions about San Francisco lender’s future. First Republic Bank’s shares have plunged to a record low after the lender announced that depositors withdrew more than $100bn, prompting fears of further bank collapses after the failures of Silicon Valley Bank and Signature Bank. First Republic’s stock closed down nearly 50 percent on …

First Republic may not survive, even after two multibillion-dollar bailouts
1 year, 7 months ago

First Republic may not survive, even after two multibillion-dollar bailouts

CNN  

New York CNN — First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. Investors who are buying First Republic stock are clinging to the hope “that a bailout package spearheaded by the largest US banks will leave something left …

First Republic’s market value plunges below $1bn from $40bn peak
1 year, 7 months ago

First Republic’s market value plunges below $1bn from $40bn peak

Al Jazeera  

Reports show US govt may not intervene in rescue process and regulators may downgrade bank’s score, adding to the stress it faces. First Republic Bank’s market value plunged below $1bn for the first time ever on Wednesday after a report said the United States government was unwilling to intervene in the rescue process, hammering the lender’s stock. First Republic’s advisers …

First Republic Bank deposits tumble over $100 bn, explores layoff in Q2
1 year, 7 months ago

First Republic Bank deposits tumble over $100 bn, explores layoff in Q2

Live Mint  

First Republic Bank shares sank more than 20% after the closing bell on Monday after the lender said deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet. The deposit slump overshadowed profits that beat expectations for the beleaguered lender, which was shored up through an injection of …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

Associated Press  

NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps growing and adding jobs …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite a pair of historical …

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses
1 year, 8 months ago

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses

The Hindu  

Silicon Valley Bank has gone belly-up as has the Signature Bank in the U.S. in the last few weeks. Click to remove AMP mode Charts 1A and 1B show the extent of the unrealised losses that Silicon Valley Bank and First Republic Bank have been making of late as a result of a dramatic fall in bond values. In fact, …

US backstops Silicon Valley Bank sale to First Citizens
1 year, 8 months ago

US backstops Silicon Valley Bank sale to First Citizens

Live Mint  

U.S. regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens will assume Silicon Valley Bank's assets of $110 billion, deposits of $56 billion and loans of $72 billion as part of the deal. First Citizens …

Deal to buy Silicon Valley Bank calms bank fears, for now
1 year, 8 months ago

Deal to buy Silicon Valley Bank calms bank fears, for now

Associated Press  

NEW YORK — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world. “But losses are substantial: $20 billion is real money, even in Washington.” That $20 billion is referring to the loss the FDIC says its deposit …

Collapsed Silicon Valley Bank sold to US rival First Citizens
1 year, 8 months ago

Collapsed Silicon Valley Bank sold to US rival First Citizens

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Citizens Bank has bought …

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know
1 year, 8 months ago

First Citizens acquires bankrupt Silicon Valley Bank: 5 key things to know

Live Mint  

The US-based First Citizens BancShares Inc. has reached an agreement to acquire Silicon Valley Bank, which was taken over by regulators after a wave of withdrawals from the lender. The acquisition will expand First Citizens' presence in the technology and innovation hub of Silicon Valley, and will make it one of the largest banks in the US. Earlier this month, …

First Citizens Bank will buy SVB’s deposits, loans from FDIC
1 year, 8 months ago

First Citizens Bank will buy SVB’s deposits, loans from FDIC

Live Mint  

First Citizens BancShares Inc said on Monday it will acquire Silicon Valley Bank's deposits and loans as well as certain other assets from the Federal Deposit Insurance Corporation. The FDIC said in separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal. First …

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank
1 year, 8 months ago

Good News for SBV customers! First Citizens to acquire troubled Silicon Valley Bank

India TV News  

SBV Crisis: North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world. Shares in mid-sized San Francisco-based First Republic Bank, which serves a similar clientele as Silicon Valley Bank and had appeared to be facing a similar crisis, surged 24.3% in …

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