Skip to main content

First Republic Bank News, First Republic Bank becomes second-largest ever US bank failure

Image
By
First bank UK

The California Department of Financial Protection and Innovation announced early Monday that First Republic had been closed and put into the receivership of the the Federal Deposit Insurance Corporation (FDIC) and then sold to JPMorgan.


According to NBC News  First Republic Bank was taken over by FDIC and sold to JPMorgan Chase on May 1, 2023. The FDIC estimates the cost of First Republic’s receivership will be about $13 billion. The bank has 84 branches in eight states and they will reopen as branches of JPMorgan Chase.


USA Today  reports that First Republic Bank is the third midsize bank to fail in two months and the second largest bank failure in U.S. history

Yes, First Republic Bank became the second-largest ever US bank failure after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion. The bank was seized by the Federal Deposit Insurance Corp. early Monday and sold to JPMorgan Chase in a deal that will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets.

The  Bank appeared to be back on the right track last month after the four biggest U.S. banks—JPMorgan Chase, Bank of America, Citigroup and Wells Fargo—each made $5 billion deposits. 

However, according to CBS News First Republic Bank has $229 billion in assets, making it the second-biggest bank to collapse in U.S. history after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion. 


There are conflicting reports about the financial status of First Republic Bank. According to a Twitter user and author Robert Kiyosaki, the bank is on the verge of bankruptcy and its wire transfer transactions have been halted However, the bank itself has stated that its liquidity and deposits remain strong, and the US government has announced that it will cover deposits 100% There are also reports that investors are wary of the bank due to concerns about unrealized losses on assets.

Labels:
Location: United States

Comments

Post a Comment

Also Read: Top Viral Post

Shallipopi's Single "HIM" with Gunna Dominates Spotify with Nearly Half a Million Debut Day Streams

By
The collaboration between Nigerian street-pop sensation Shallipopi and American rapper Gunna, titled "HIM," has made a significant splash in the music world, achieving remarkable streaming milestones on Spotify. The track, released on October 23, 2025, has quickly become a global anthem, showcasing the potent synergy between African and American music scenes. "HIM" debuted with an impressive 437,400 streams on Spotify on its first day of release. This strong opening performance set the stage for its continued success, demonstrating the widespread anticipation and appeal of this cross-continental collaboration. The track's ability to capture such a large audience from the outset underscores the growing global influence of both artists and the Afrobeats genre. Following its strong debut, " HIM " has continued to climb the charts, surpassing the significant milestone of over 1 million streams on Spotify. This achievement solidifies the song's...
Post a Comment
Read more

Lionel Messi Surpasses $1 Billion Net Worth, Joining Cristiano Ronaldo and David Beckham in Elite Billionaire Circle

By
Lionel Messi Hits $1 Billion Net Worth With Historic Inter Miami Deal: Global football icon Lionel Messi officially joins Cristiano Ronaldo and David Beckham in the billionaire club , leveraging a revolutionary MLS equity deal to surpass a historic ten-figure net worth milestone. Discover how Lionel Messi bypassed traditional sports salaries to build a billion-dollar fortune using Apple TV revenue splits, Adidas profit-sharing, luxury hospitality investments, and Inter Miami franchise equity . Inside Lionel Messi’s $1 Billion Business Empire and Corporate Strategy Lionel Messi Joins Cristiano Ronaldo in Football’s Elite Billionaire Club: MIAMI, FL – Global football icon Lionel Messi has officially breached the $1 billion net worth threshold, according to the latest valuations from the Bloomberg Billionaires Index . The milestone cements the Inter Miami forward's status not only as one of the greatest athletes in sporting history but also as one of the most fina...
Post a Comment
Read more

Feathered & Fierce: Ayra Starr Steals the Spotlight at the Fifteen Percent Pledge Gala

By
Global Icon Ayra Starr Champions Black Excellence and Economic Equity at the Annual Fifteen Percent Pledge Gala The Nigerian superstar redefined red-carpet elegance by merging avant-garde feathered textures with a powerful message of economic justice, proving that high fashion remains one of the most potent tools for global advocacy. Ayra Starr's Stunning Look At the Pledge Gala🔥 The annual Fifteen Percent Pledge Gala has once again solidified its reputation as a premier intersection of high fashion and social advocacy. This year, the atmosphere was electrified by the arrival of Naija superstar Ayra Starr , whose presence on the red carpet became an instant viral sensation. Draped in an avant garde ensemble that masterfully blended structural audacity with ethereal textures, the " Sabi Girl " singer proved that her influence extends far beyond the music and onto the global fashion stage. The Fifteen Percent Pledge , founded by Aurora James , continues to ur...
Post a Comment
Read more

Shakira and Burna Boy Unite for Official 2026 FIFA World Cup Anthem 'Dai Dai' Setting the Stage for Massive Fundraising & a Historic Final Halftime Show

By
Official 2026 FIFA World Cup Song Shakira & Burna Boy Team Up for 'Dai Dai': Inside the Historic Latin-Afrobeats Collab Set to Define the 2026 FIFA World Cup Sonic Identity: FIFA unveils "Dai Dai," the official 2026 World Cup track featuring Shakira and Burna Boy. Read about the multilingual anthem, streaming royalties, and Shakira’s upcoming historic halftime show performance . This historic Latin-Afrobeats collaboration supports global education and stadium culture worldwide. Global Sports Entertainment Reimagined: FIFA and Sony Music Latin Debut 'Dai Dai' by Shakira and Burna Boy, Launching a Multi-Million Dollar Charity Fund and Driving a New Era of Afrobeats Dominance Burna Boy and Shakira Drop 'Dai Dai' for 2026 World Cup the Multi-Language Stadium Anthem Spearheading the 2026 Tournament Visual and Musical Campaign: ZURICH, Switzerland – In a historic fusion of global sounds, FIFA and Sony Music Latin have officially unveil...
Post a Comment
Read more

Drake Takes Top 3 with ‘ICEMAN,’ ‘HABIBTI,’ and ‘MAID OF HONOUR,’ Breaking JAY-Z's Billboard 200 Record

By
Drake Besting JAY-Z's Record as 'ICEMAN,' 'HABIBTI,' and 'MAID OF HONOUR' Dominate: Chart history is rewritten as Drake claims sole possession of the rap album record. Final tracking numbers confirm Drake will surpass JAY-Z for the most number-one rap albums, simultaneously debuting three new projects in the top three positions of the Billboard 200 . Drake Surpasses JAY-Z with 'ICEMAN,' 'HABIBTI,' and 'MAID OF HONOUR' Triple-Debut Drake Shatters JAY-Z's Album Record with 'ICEMAN,' 'HABIBTI,' and 'MAID OF HONOUR': Canadian superstar Drake is on the verge of rewriting music history with an unprecedented takeover of the Billboard 200 chart. According to final first-week tracking figures, the Toronto rapper is projected to achieve a feat never before accomplished in the history of the music industry: simultaneously debuting three separate albums in the top three positions of the chart.  ...
Post a Comment
Read more

Mbappé’s "Unprofessional" Behavior Sparks Crisis Ahead of El Clásico

By
Kylian Mbappé Facing Backlash Over "Selfish" Behavior at Real Madrid: Description: Reports suggest Kylian Mbappé is isolated at Real Madrid following controversial vacations and a perceived lack of commitment. Teammates are reportedly unhappy with his conduct as the Clásico looms this weekend.   Dressing Room Drama: Real Madrid Players Frustrated with Mbappé’s Conduct Real Madrid Dressing Room Reportedly Fractured by Kylian Mbappé’s "Unprofessional" Conduct: Tensions at the Santiago Bernabéu have reportedly reached a breaking point as Kylian Mbappé finds himself increasingly isolated from his Real Madrid teammates. Following a series of off-field decisions and a perceived lack of commitment during a critical juncture of the season, reports from prominent Spanish outlets suggest that the French superstar’s "selfish" behavior is beginning to erode the collective spirit of the dressing room.   The friction intensified this week after...
Post a Comment
Read more