Call or Text: +1 727-610-1188

Free worldwide shipping on all orders over $100.00

US Regulators Seek Best and Final Offers for First Republic from JPMorgan Chase and PNC Bank of America Opts Out

US regulators have requested final takeover offers for First Republic from JPMorgan Chase and PNC by Sunday. This move comes in an effort to reduce uncertainty for regional lenders by calming the markets. Bank of America has opted out of making a bid after participating in earlier discussions. If regulators receive an acceptable offer by Sunday, a new owner for First Republic could be announced soon. This would create the least disruption for First Republic customers, who would be reassured to know their bank was now owned by a financially-stable operator. The First Republic auction has been seen as a means to end a tumultuous period for midsized US banks, following the collapse of Silicon Valley Bank in March. First Republic is a California-based specialty lender catering to wealthy Americans, but its business model faltered in the wake of customer withdrawals totaling over $100 billion.

First Republic Bank Reports 100B in Deposits Pulled During Crisis as Large Banks Step in to Save the Day

First Republic Bank Reports $100B in Deposits Pulled During Crisis as Large Banks Step in to Save the Day

Depositors at First Republic Bank pulled more than $100 billion in deposits out of the bank during last month’s crisis, according to the bank’s first quarter results. Fears swirled that it could be the third bank to fail in the wake of the collapse of Silicon Valley Bank and Signature Bank. However, a group of large banks stepped in to save the day by depositing $30 billion in uninsured deposits in First Republic. The bank’s profits fell 33% from a year earlier and revenues were down 13%, signaling the impact of the crisis. Nevertheless, with the help of other large banks, First Republic was able to prevent further damage and look to the future of the banking industry in the midst of uncertain times.

Free Worldwide shipping

On all orders above $100

Easy 30 days returns

30 days money back guarantee

Replacement Warranty

Best replacement warranty in the business

100% Secure Checkout

AMX / MasterCard / Visa