Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7057901105472565248
When ($30Billion + $6.382Billion), Mar 16 ’23 = ($650Million), Apr 28 ’23: #FirstRepublicBank (#FRC): Where Did ~$36Billion Vanish: Into Thin Air?
#FirstRepublicBank #FRC Daily Historical #MarketCap Data: https://lnkd.in/gZcTAPPp : First Republic Bank Market Cap: 651.77M for April 28, 2023: After-Hours.
Reuters #FDIC prepares to place First Republic under #receivership: https://lnkd.in/gheJ4kV2 The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank (FRC.N) under receivership imminently, a person familiar with the matter said on Friday, sending #shares of the lender down nearly 50% in #extended #trading. The U.S. #banking #regulator decided the troubled regional lender’s position has deteriorated and there is no more time to pursue a rescue through the private sector… If the #SanFrancisco-based #lender falls into receivership, it would be the third U.S. #bank to collapse since March.
#FirstRepublic works on plan to prevent government seizure: https://lnkd.in/gwuxwW6r
First Republic’s advisers are working on a private-sector solution they hope can overcome scepticism in Washington and keep the embattled California bank from being shut down by the Federal Deposit Insurance Corporation (FDIC). First Republic’s share price has dropped by 95 per cent since it was caught up in the #regional #banking frenzy sparked by the collapse of #SiliconValleyBank. One proposal that may be part of an eventual solution is for some of the banks to buy some of First Republic’s #longdated #assets for more than their current #marketprice, allowing the lender to shrink its losses. But people familiar with the situation say that this would probably not be enough to stabilise First Republic on its own.
In March, when First Republic first began to suffer outflows, Jamie Dimon, JPMorgan’s chief executive, helped organise a stabilisation effort that saw his institution, Citi, Bank of America and eight other banks join together to deposit $30bn with the lender.
The ‘three Js’ who put together a rescue deal for First Republic: Janet Yellen, Jamie Dimon and Jay Powell devised plan for banks to deposit $30bn into California lender:
https://lnkd.in/gZPaDpkK
Janet Yellen, Jamie Dimon and Jay Powell devised plan for banks to deposit $30bn into California lender: The bank contributions were largely linked to the size of their deposit bases, with the four big lenders putting in $5bn apiece and #BNYMellon, #PNC, #StateStreet, #Truist and #USBank all putting in $1bn. #MorganStanley and #GoldmanSachs, which as investment banks have relatively small deposit bases, were among the last to join, but kicked in $2.5bn apiece to show support.
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