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First Republic Bank, a California-based specialty lender focused on serving rich Americans is going under.
The bank enticed its affluent clientele with low-rate mortgages in exchange for leaving cash at the bank. Apparently, even the money of the rich is not enough to keep it going.
After announcing last week that customers had withdrawn more than half of its deposits and First Republic didn’t have the cast to fulfill all of them, their shares tumbled 75 percent.
By Friday, the Federal Deposit Insurance Corporation or FDIC considered taking it into receivership. They also immediately asked other banks for potential bids on First Republic if the regulator were to seize the bank.
Banks were worried that buying the company would saddle them with billions of dollars in losses, leaving regulators no choice but to take over. They asked banks for final takeover offers for First Republic before the end of the weekend. JPMorgan Chase, Bank of America, and PNC are likely bidders.
According to CNBC, the FDIC wanted to turn over the bank to the highest bidder before the beginning of today. JP Morgan Chase won that race. This is the best-case scenario for First Republic customers, who would start the week knowing a financially-stable operator now owned their bank.
More importantly, they could put an end to a banking crisis that began more than a month ago with the collapse of Silicon Valley Bank.
The thing is that it will never really end because First Republic Bank’s problem is the problem of the entire financial industry.
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