Shares of First Republic Bank slid 25% in early trading on Friday after being briefly halted as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender
Los Angeles-based PacWest Bancorp
Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. The bank's earnings profile is "clearly impaired" and the "new deposits effectively bridge the estimated $30.5 billion of uninsured deposits still on FRC's balance sheet providing time for FRC to likely explore a sale," Jefferies analysts led by Ken Usdin wrote in a note to clients.
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US: Eleven banks deposit $30 billion into First Republic BankIn a short statement, the Federal Reserve (Fed), the Department of the Treasury, the Federal Deposit Insurance Corporation (FDIC) and the Office of th
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Big banks working on $30 billion rescue of San Francisco-based First RepublicFirst Republic Bank, facing a crisis of confidence from investors and customers, is actively discussing options for a lifeline.
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Regulators praise move by 11 banks to deposit $30 billion into First Republic BankFollowing the announcement that a group of 11 major U.S. banks have deposited a total of $30 billion in First Republic Bank federal banking regulators...
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First Republic gets $30 billion rescue from biggest US banksEleven banks including JPMorgan and Citigroup deposited $30 billion in First Republic Bank on Thursday afternoon amid fears of a financial-sector crisis.
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Group of big banks pumps $30 billion in battered First RepublicBREAKING: 11 major U.S. banks will send $30 billion to First Republic Bank amid concerns about its financial stability.
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Eleven Banks Deposit $30 Billion in First Republic BankEleven banks have deposited $30 billion in First Republic Bank, according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
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