![]() ![]() In short, the bank was officially wound up by the authorities and then immediately "sold" to JPMorgan to prevent a global financial contagion. ![]() The California Department of Financial Protection and Innovation (DFPI) said early Monday evening that regulators had seized First Republic Bank.ĭFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank. ![]() It was all too much for the bank to survive. Its stock price fell 75 per cent early last week on news that customers had withdrawn $US100 billion in deposits amid the onset of the banking crisis. Shares in First Republic Bank crashed on Wall Street on Friday, due to fears the financial health of the bank was in doubt. US regional bank First Republic had a little more than $US200 billion ($301 billion) worth of assets and around 7,000 employees, so it was a large, San Francisco-based bank.įor context, Lehman Brothers - before it collapsed in 2008, which sparked the global financial crisis - had roughly $US600 billion worth of assets. ![]()
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