Industry News
First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.
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The troubled lender could fail, get rescued by the nation's largest banks or muddle through as a zombie bank. Federal regulators and the big banks will have to decide which is the least bad option.
April 28 -
The Pacific Northwest bank didn't reveal exactly how much more it expects to save. But executives said that they expect to achieve their earlier target sooner than they previously anticipated.
April 27
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The California bank, which endured large deposit outflows in March, anticipates selling its $2.7 billion lender finance portfolio in the coming months. It's also looking at cutting facilities, employee headcount and vendor costs.
April 26 -
At the two big banks, proposed phaseouts of lending for new fossil-fuel exploration drew less shareholder support on Tuesday than they did a year ago. The results were a blow to activists who want big banks to take stronger action to combat climate change.
April 25 -
The Birmingham, Alabama, bank said that its deposits fell by $3.3 billion last quarter, and it projected a decrease of up to $2 billion between April and June. Executives assured investors that sizable liquidity sources are available.
April 21 -
Paying higher rates to customers should help stem deposit outflows at the Salt Lake City bank. But it's expected to contribute to a projected 7% drop in net interest income during the second quarter.
April 20 -
The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.
April 18 -
The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.
April 14 -
With the acquisition, the Lake City, Florida-based community bank will nab a consumer-direct platform and expand its footprint in the Midwest.
April 13
