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Tag: First Republic

First Republic Bail-Out Bidding Still Not Decided!

Bankruptcies Ben -
Sources familiar with the matter have revealed that PNC Financial Services Group, JPMorgan Chase, and Citizens Financial Group were among the banks that submitted their final bids for First Republic Bank in the auction held by U.S. regulators. It was anticipated that the Federal Deposit Insurance Corp (FDIC) would announce a deal on Sunday night and simultaneously declare the seizure of the lender. However, no announcement was available Monday morning European time.

U.S. Banking Crisis Continues With The First Republic Bail-Out Action!

Bankruptcies Ben -
After the collapse and bail out of Silicon Valley Bank and Signature Bank, the U.S. banking market is not settling. U.S. regulators have requested that banks submit their best takeover offers for First Republic by Sunday afternoon. The U.S. Federal Deposit Insurance Corporation has reportedly asked six banks to bid for the embattled lender. Shares in First Republic plunged from $122.50 on March 1 to around $3 a share last Friday.

Death Spiral! Collapse Of Silicon Valley Bank Will Trigger More Startup And Crypto Bankruptcies!

Bankruptcies Ben -
The death spiral in the fintech and crypto sector continues to spin. It started in 2022 with the collapse of the crypto sector last year, which also dragged down the FinTech sector. On 10 March, Californian Silicon Valley Bank (SVB) was taken over by the regulator due to a bank run resulting in lethal liquidity issues. The shutdown of the bank, systemically critical to the U.S. startup and crypto scene, will most certainly trigger more bankruptcies among their clients.

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