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The bank goes bankrupt and all the customers are left in despair

The bank goes bankrupt and all the customers are left in despair

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One of the largest banks in the world suffered from the economic crisis and went bankrupt.

Financial problems affect other countries more than we can imagine, and thus a bank went bankrupt after strong economic problems.

First Republic Regional Bank in San Francisco has been in serious trouble since March, with the onset of turmoil in the banking sector in the United States.

He went so far as to declare bankruptcy and clients who used his services became despondent overnight for fear of losing their money.

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But shortly after he declared bankruptcy, the courts got involved and he sold most of it to JPMorgan Chase. US regulators spent the weekend chasing the buyer and trying to close the deal before the markets opened on Monday.

Now JPMorgan Chase is taking over the bank’s assets and will pay $10.6 billion to the FDIC (US Guarantee Fund) as part of a deal to buy most of the assets.

Announcing the bankruptcy of the first republican bank (reproduction - Internet)
Announcing the bankruptcy of the first republican bank (reproduction – Internet)

What is the first republic

The First Republic is a financial institution (bank), dedicated to private banking, i.e. a place serving the wealthiest people in society.

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Its founder, Jim Herbert, founded First Republic in 1985 with just under 10 people. As of July 2020, the bank said it was the 14th largest in the United States, with 80 offices in seven states and at the end of 2022, it employed more than 7,200 people.

Announcing the bankruptcy of the first republican bank (reproduction - Internet)
Announcing the bankruptcy of the first republican bank (reproduction – Internet)

The First Republic came under pressure when the Federal Reserve raised interest rates to fight inflation, which hurt the value of the bonds and loans the bank bought when interest rates were low.

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