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Shares of First Republic dropped sharply Friday as hopes dimmed for a rescue deal that could keep the bank afloat.Sources told CNBC’s David Faber that the most likely outcome for the troubled bank is for the Federal Deposit Insurance Corporation to take it into receivership. The stock slid 43% and was halted for volatility multiple times.Shares of First Republic were down more than 50% at one point during the session, hitting an intraday low of $2.98 per share. The stock has now fallen 97% this year, with most of the losses coming after investors lost confidence in the bank following the failure of two regional lenders in March.The FDIC is asking other banks for potential bids on First Republic if the regulator were to seize the bank, sources told Faber. There is still hope for a solution that doesn’t include receivership, according to those sources.
First Republic most likely headed for FDIC receivership, sources say; shares drop 40%https://www.cnbc.com/2023/04/28/first-republics-stock-poised-to-rise-for-second-day-as-regional-bank-searches-for-rescue-deal.htmlThe FDIC is looking to be taking over First Republic. Another bank failure is unfolding.
The Federal Deposit Insurance Corp. has set a Sunday deadline for bidding on First Republic Bank, according to a report. Bloomberg reported on Saturday that the FDIC has asked JPMorgan Chase & Co., PNC Financial Services Group, and other banks to send final bids for First Republic Bank by Sunday after the government corporation gauged interest through the week, according to sources.The FDIC reached out to the banks on late Thursday asking for indications of interest, according to the report, which include a proposed price and estimated cost to the deposit insurance fund.A source told FOX Business that there are five possible bidders, including JPMorgan Chase & Co., PNC Financial Services, and three others.
The Federal Deposit Insurance Corporation (FDIC) has accepted a bid from JPMorgan Chase Bank to assume all deposits of First Republic Bank, the California Department of Financial Protection and Innovation (DFPI) announced early Monday morning.The San Francisco-based bank has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, and it was widely seen as the bank most likely to collapse next."The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic Bank. The FDIC has accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank," a press release from DFPI said.
Another California bank. Who woulda thunk?Must be something in the water.
Earlier today, when Jerome Powell openly lied to the American People during the FOMC press conference stating without a hint of irony that the US banking system is "sound and resilient"...Federal Reserve Chair Jerome Powell says that "the US banking system is sound and resilient."What do you think? 🤔pic.twitter.com/qDktlpOln4— Human Events (@HumanEvents) May 3, 2023...we balked: how could this former lawyer lie so brazenly to the American people, the narrator wondered, when in just the past few weeks we had seen over half a trillion in bank failures, making the current bank failure episode even worse than the global financial crisis?POWELL: U.S. BANKING SYSTEM IS SOUND AND RESILIENTNarrator: we just had over half a trillion $ in bank failures in the past month pic.twitter.com/YvhloFIGIX— zerohedge (@zerohedge) May 3, 2023Well, as usual, the narrator was right, because while Powell's lies were still ringing in our ears, the next regional bank collapse was on its say.
Here We Go Again: Troubled California Bank PacWest Craters 60% On Report It Is Seeking Buyers Or Capital Raisehttps://www.zerohedge.com/markets/here-we-go-again-troubled-california-bank-pacwest-craters-60-report-it-seeking-buyers-orAnother bank collapse on the horizon? Another California based bank, which is PacWest. PacWest's stock cratered.
