Here are some of the factors behind the fall of First Republic Bank in the United States.
Here are some of the factors behind its fall and what the JPMorgan deal is likely to mean:Founded in 1985 by James “Jim” Herbert, son of a community banker in Ohio, First Republic focused early on providing big loans at cheap rates. Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill’s new owner, Bank of America.
First Republic also catered to other members of the community, according to bank materials which note that schools and nonprofits account for 22% of its business loans. However, its strategy made it more vulnerable than regional lenders with less affluent customers, sinceFirst Republic had a high level of uninsured deposits.raised interest rates, hampering its chances of a capital raise.First Republic started amassing paper losses last year when the Fed began hiking US interest rates to fight inflation.
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