84 : The number of First Republic Bank branches in eight US states beginning this Monday morning under the JPMorgan banner after the Federal Deposit Insurance Corporation (FDIC) took over the bankrupt financial institution and immediately resold it into America’s largest bank. The maneuver, announced hours before stock markets opened, is aimed at averting a two-month banking crisis that has rocked the economy.
First Republic went bankrupt despite a $30 billion lifeline launched last March by 11 of the largest banks in the United States. In terms of assets, it was the second largest US bank to collapse after Washington Mutual, which collapsed during the 2008 financial crisis. The San Francisco-based management firm revealed last Monday that its clients withdrew $102 billion in deposits in the first three months. year, more than half of which is $176 billion by the end of 2022. The first two banks that triggered the crisis — Silicon Valley Bank and Signature — lost billions in First Republic loans and investments weighed down by the dollar in value as the FED rapidly raised interest rates to combat inflation.