Republic First Bank closed, deposits and assets to Fulton Bank

“Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement.

[May 1 2023 FDIC takes over First Republic Bank, JPMorganChase “steps up” [

The California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association.

DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.

“Our government invited us and others to step up, and we did,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase.

https://www.jpmorganchase.com/ir/news/2023/jpmc-acquires-substantial-majority-of-assets-and-assumes-certain-liabilities-of-first-republic-bank

https://www.fdic.gov/news/press-releases/2023/pr23034.html

[April 30 2023]

Based on reports from multiple sources, the sale of First Republic Bank, $FRC, should have already happened.

However, futures opened and Asian markets are trading but no deal has been announced.

US markets open in 13 hours and the FDIC is completely silent.

What is happening?

— The Kobeissi Letter (@KobeissiLetter) May 1, 2023

April 29 2023]

A group of 11 banks that deposited $30 billion into First Republic last month – giving it time to find a private-sector solution – have proved reluctant to band together on making a joint investment.

Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu:

Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system.

First Republic reported that over $100 billion of deposits walked out the door in the first quarter, or a net of around $71 billion once accounting for emergency inflows from JPMorgan and other large banks.

https://www.fdic.gov/news/press-releases/2023/pr23020.html

First Republic Bank (FRC) will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a report.

Reuters reported on Friday that the FDIC has decided that the regional bank’s position has deteriorated, leaving no more time to go after a private sector rescue, a source told the outlet.