Failed bank First Republic is bought by JPMorgan Chase

-

JPMorgan Chase, one of the biggest banks in the U.S., is buying the troubled First Republic Bank's deposits, a "substantial amount of their assets and certain liabilities," JPMorgan Chase said in a press release Monday.

The California Department of Financial Protection and Innovation announced early Monday that the Federal Deposit Insurance Corp had taken possession of First Republic.

This marks the third time the U.S. government has taken control of a U.S. lender this year.

First Republic is the third — and biggest — U.S. bank to fail this year. In March, federal regulators swept in to protect customers of Silicon Valley Bank and Signature Bank. Citing potential risk to the broader financial system, they took unprecedented action to insure all deposits at the two banks — even deposits that exceeded the FDIC's $250,000 threshold for insurance.

The government protected bank customers, but it didn't bail out shareholders who were wiped out.

After Silicon Valley Bank and Signature Bank were taken into receivership, the FDIC solicited bids to buy the two lenders. A subsidiary of New York Community Bank bought most of Signature Bank, and First Citizens Bank acquired Silicon Valley Bank.

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Quelle est l’origine de la Fête du travail le 1er mai ?

-
Image
  Ce lundi 1er mai 2023 est, comme tous les 1er mai depuis 1948, un   jour férié . Il s’agit en effet de la Fête du   Travail . En   France , elle se confond avec la journée internationale des travailleurs. Mais contrairement à ce que l’on pourrait penser, l’origine de cette fête n’est pas française, mais américaine, et remonte au 1er mai 1884,   comme l’indique le ministère du Travail, du Plein Emploi et de l’Insertion . Des États-Unis à l’Europe Ce jour-là, les  syndicats  des travailleurs américains étaient entrés en revendication afin d’obtenir la journée de huit heures. Ils avaient choisi le 1er mai, car cette date correspondait alors au premier jour de l’année comptable des  entreprises . Finalement, le 1er mai 1886, 200.000 travailleurs américains avaient obtenu la journée de huit heures, mais pas les autres, entraînant de grandes mobilisations partout dans le pays et de violents affrontements à  Chic...
Lire la suite

FORECAST: Rain expected to move out by afternoon after tornado warning lifted

-
Image
  Ahead of a complex of rain and thunderstorms moving in Saturday night and Sunday morning from the Gulf of Mexico, the National Weather Service has issued a Tornado Watch for a 10-county portion of Central Florida, including Osceola. A Tornado Watch means that conditions are favorable for a tornado activity and formation, so residents should be aware of conditions and be ready to take shelter if necessary. This is different from a Tornado Warning, which is notice that a tornado or strong storm that could include one has been confirmed by weather watchers or radar. Per the National Weather Service in Melbourne:  An upper level disturbance will track across east central Florida ahead of an approaching "cool front" on Sunday. Later this afternoon, scattered to numerous showers and lightning storms are expected to develop, before weakening and pushing offshore during the evening. Some storms may be strong to severe. After a lull in the activity, another round is forecast to ...
Lire la suite

Oilers punch ticket to Round 2 with Game 6 victory over Kings

-
Image
LOS ANGELES (AP) — The shortest player on the   Edmonton Oilers   roster had their biggest goal Saturday night. Kailer Yamamoto scored with 3:02 remaining for his first point of the series as the Oilers beat the  Los Angeles Kings  5-4 in Game 6 to advance to the second round of the Stanley Cup playoffs. In a series dominated by superstars Connor McDavid and Leon Draisaitl, it was the Oilers' fourth line that played a pivotal role. Besides Yamamoto, Klim Kostin had two goals and an assist. It didn’t go in the net early in the series but he stuck with it. He stuck with it and eventually ended up scoring the series winner,” Oilers coach Jay Woodcroft said. Yamamoto — who lived in Los Angeles for three years and played youth hockey for the Jr. Kings — got possession of the puck deep in the offensive zone, skated around and then sent a wrist shot through traffic and past the right shoulder and stick of Kings goaltender Joonas Korpisalo. “Being in this position it's prett...
Lire la suite