Rescue Package For First Republic
Description
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FAQ
FRC trading has been suspended since April 28, 2023. Following the bank's credit rating downgrade on March 19, coupled with the broader anxiety permeating the banking sector, the bank's customers started withdrawing money en masse.
The various announcements have not mentioned the stock, but in cases of FDIC receivership the shareholders typically get zilch. FRC stock tanked 39% on the news to $2.14 a share in Monday's premarket, and the shares will likely only go lower in this week's regular sessions.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo have agreed to each put $5 billion in uninsured deposits into First Republic. Meanwhile Morgan Stanley and Goldman Sachs would deposit $2.5 billion each into the bank.
March 16 (Reuters) - Large U.S. banks injected $30 billion in deposits into First Republic Bank (FRC. N) on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.
First Republic's failure was due to a run on deposits following the collapses of Silicon Valley Bank and Signature Bank. JPMorgan Chase acquired First Republic Bank on . If you had insured or uninsured money in First Republic accounts, your funds are safe and now managed by JPMorgan Chase.