RIP 14th largest bank in US Source: https://www.reuters.com/business/finance/us-regulator-set-take-over-first-republic-source-2023-04-28/
Don’t buy I made this mistake lost my 1700
What possible good can come out of it? FDIC will always quote lower price then current stock price. No?
Undefeated
So if I got a loan through first republic, i don’t have to pay the money back, rightt? Rightt?
Yes not to pay back to FRC. But to the new owner who takeovers the assets.
you have to pay back to the government agency who will take over it, most likely the FDIC
I have $100k in a checking account there. Should I be withdrawing?
Up to 250K is FDIC insured so it doesn't matter and you'll get your money back in even worse case.
No
I passed by a branch today. Parking lot was full. May have been a coincidence.
Presidio?
Oh those are customers panic withdrawing
can someone eli5 what did they do wrong? it seems they were just unlucky
They just had no idea how to run a bank and diversify their investment to reduce risk.
"They just had no idea how to run a bank and diversify their investment to reduce risk." Wasn't that really SVB's problem? I thought FRC's problem was more of a classic run on the bank because of SVB. Basically when everyone pulled out of SVB, people looked around at other banks with lots of uninsured deposits and decided to move those to the Too Big To Fail banks.
If anyone can help with referrals to product roles (9 yoe), I’d really appreciate it!
So what did they do with the $30 billion they got from the other banks?
So… second bank based out of the Bay Area.
Yikes there goes my 1700