Category: FDIC

Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal

May 5, 2023
Business & MarketsCompaniescongresseconomic policieseconomyFDICGoldman SachsInvestmentJustice DepartmentMarketsPolicies & ImpactsPoliticsSecurities and Exchange CommissionSilicon Valley BankUS
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…

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What Happened to First Republic Bank?

May 4, 2023
BrightBusiness & MarketseconomyFDICFirst Republicinterest rateinvestingLoanspersonal financeUS
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On May 1, First Republic Bank became the second-largest bank failure in U.S. history. Its failure is second to Washington Mutual (2008) and just ahead of Silicon Valley Bank recently. The result was another disruption in the banking industry. Trouble was on the rise in February 2023 when First Republic’s shares had a 98 percent…

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This Is a Bailout, Not a Market-Based Acquisition

May 2, 2023
Business & MarketsBusiness ColumnistsFDICFirst RepublicJPMorganOpinionU.S. economyViewpoints
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Commentary The weekend brought us the news that JPMorgan bought the failing First Republic bank, with numbers that are truly mind-boggling and further shore up JPMorgan’s megabank status. For many readers, this came across as fancy high finance and nothing much to concern us, especially since the numbers are essentially incomprehensible to the regular person….

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Regional Bank Shares Take Beating After First Republic Collapses

May 1, 2023
Business & MarketsCompanieseconomic policieseconomyFDICFirst Republic BankinflationInvestmentJPMorgan ChaseMarketsPolicies & ImpactsrecessionUS
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U.S. regional bank shares took a beating after the collapse of First Republic and its takeover by JP Morgan Chase & Co. The Federal Deposit Insurance Corporation (FDIC) seized First Republic Bank in the second-largest bank failure in American history in what is also the third regional bank to fail this year. Shares of several…

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JPMorgan to Buy First Republic, After Regulators Seize Beleagued Bank

May 1, 2023
Business & MarketsCompanieseconomyFDICFirst Republic BankJPMorgan ChaseUSUS News
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First Republic Bank has been seized by the Federal Deposit Insurance Corporation (FDIC), which announced on Monday morning that the beleaguered bank will be bought by JPMorgan Chase. California financial regulators on Monday ordered First Republic Bank closed, with the FDIC appointed as receiver. “To protect depositors, the FDIC is entering into a purchase and…

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JPMorgan Buys First Republic, After Regulators Seize Beleaguered Bank

May 1, 2023
Business & MarketsCompanieseconomyFDICFirst Republic BankJPMorgan ChaseUSUS News
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First Republic Bank has been seized by the Federal Deposit Insurance Corporation (FDIC), which announced on Monday morning that the beleaguered bank is being bought by JPMorgan Chase. California financial regulators on Monday ordered First Republic Bank closed, with the FDIC appointed as receiver. “To protect depositors, the FDIC is entering into a purchase and…

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US Government Scrambling to Find Solution to Rescue First Republic Bank

April 30, 2023
ArchivedbankBusiness & MarketsCompaniesfailureFDICFirst RepublicGovernmentNewsUSUS News
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U.S. regulators asked large banks to submit their takeover bids for First Republic Bank (NYSE: FRC) over the weekend, in an effort to rescue the troubled bank. The Federal Deposit Insurance Corp. (FDIC) reportedly held an auction, asking multiple banks to solicit bids for FRC before an afternoon deadline on April 30. As of press time, no…

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Banking Turmoil Caused by SVB Mismanagement, Not Trump-Era Rollbacks: FDIC Official

April 12, 2023
Business & MarketsCompaniesDonald Trumpeconomic policieseconomyFDICPolicies & ImpactsSilicon Valley BankUSUS News
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Former President Donald Trump’s loosening of rules in the banking sector in 2018 “had nothing to do with” the failure of Silicon Valley Bank and Signature Bank, according to Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill. Since the collapse of SVB and Signature Bank, a chorus of Democrats have asserted that the former…

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How to Protect Business Accounts From Bank Failure

April 4, 2023
bank failureBrightbusiness accountsFDICinsurancemaxsafepersonal financeUncategorizedWealth Management
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The Federal Deposit Insurance Corporation (FDIC) has a track record of paying every depositor their money up to the insured amount when their banks have failed. Each insured bank pays a fee for the coverage, which goes into an account to cover insurance costs. Generally, FDIC insures accounts for up to $250,000. Personal and business…

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