June 4, 2023

Residents call ALERT, with NEW bank FAILURE

The failure of the bank caused fear among the population

Tell no one that economies around the world have been affected by the Covid-19 pandemic. However, this situation becomes more complex and complex when it directly affects the bank. The bankruptcy of a financial institution always causes great panic.

This is because it usually ends up sliding all over the place. In recent days, for example, one of the largest banks in the United States has gone bankrupt. We are talking about The First Republic Bank which had several problems with unsecured deposits and ended up going bankrupt.

In addition, the rise in US interest rates has hurt the famous US bank. For this reason, and in light of the future of the Corporation and the economy of the United States, actions were taken. By the way, the bank received an offer from a well-known financial institution.

JPMorgan Chase, founded in 1799, pledged to take on the debt and buy out First Republic Bank. The agreement was closed and negotiations were conducted by the California Department of Financial Protection and Innovation. Thus, JPMorgan Chase will handle all deposits.

First Republic Bank (Online – Internet)

In addition, substantially all of the assets of the banking institution that went bankrupt. As of April, First Republic had approximately $230 billion in total assets and $104 billion in total deposits. The Federal Deposit Insurance Corporation has estimated the cost of the deposit insurance fund at about $13 billion.

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How are the offices that used to be the First Republic Bank?

This is just an estimate, he said, and the final cost will be determined when the FDIC completes the receivership. As part of the deal, First Republic’s 84 offices in eight states across the country on behalf of JPMorgan Chase’s agencies will reopen.

First Jumhouria Bank bankruptcy (photo: reproduction/internet)
First Jumhouria Bank bankruptcy (photo: reproduction/internet)

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