Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli PM Office: Netanyahu has ordered that the Rafah crossing will not open until further notice.
Ambrey: Cameroon-flagged tanker issues distress call following explosion abroad, approximately 60NM south of Yemen's Ahwar.
Araghchi: Iran adopted a constructive approach in its engagement to ensure the European Union and the E3 fully honored their commitments and lifted all sanctions.
Araghchi: After a year of Iran’s full compliance with the agreement, it began implementing gradual, proportionate, and reversible compensatory steps in accordance with its recognized rights under the deal.
Araghchi: Iran demonstrated the utmost restraint in the face of repeated and fundamental violations and made extensive efforts to restore balance and preserve the agreement.
In his letter, Araghchi stated: The E3 failed to fulfill their obligations and instead imposed additional illegal sanctions on Iranian individuals and institutions.
Araghchi: These coercive measures constituted a grave violation of international law and the UN Charter, causing severe disruption in the implementation of the agreement.
Araghchi: Washington initially refrained from fulfilling its commitments, then withdrew from the agreement, reimposed its illegal and unilateral sanctions, and even expanded them.
Araghchi: UN Security Council Resolution 2231 has expired and fully ceased to be in effect as of today, in accordance with its explicit provisions.
Iranian Foreign Ministry: Reimposing sanctions on Iran is illegal

US banks bid to acquire collapsed First Republic, deal expected Sunday

  • By Al Mayadeen English
  • Source: News websites
  • 30 Apr 2023 15:35
  • 5 Shares
3 Min Read

The FDIC hopes to seal the arrangement by Saturday before markets open on Monday.

  • x
  • US banks to bid on acquisition of collapsed First Republic
    A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. (Reuters)

Large US banks, including JPMorgan and PNC Financial Services, are set to submit a bid to buy out failing First Republic Bank, as the Federal Deposit Insurance Corporation (FDIC) hopes to seal over the weekend, sources familiar with the matter said.

The US banking system continues to raise concerns after shares of First Republic plummeted over 50% on Friday. The bank's first-quarter reports on Monday revealed that over $100 billion of deposits were withdrawn over customer fears.

The Fed aims to see the deal finalized before markets open on Monday, in an attempt to calm concerned investors before another bank crashes.

Read more: US capitalism is ‘breaking down before our eyes’: Griffin

The FDIC had set up to receive proposals from potential bidders earlier this week, and asked for interested parties to notify the agency by Friday at most, the sources said, adding that the FDIC desires to approve final offers by Sunday.

Some of the options currently considered by the FDIC are putting its hands on the bank or selling its assets to other financial firms.

The agency is expected to take the bank into receivership simultaneously with the sale process, sources said earlier. But the issue might change over the weekend given the uncertainty regarding the bid outcome.

In just the past few weeks, and right after the SVB collapse, First Republic lost 97 percent of the value of its shares.

Related News

S&P downgrades US banks credit ratings, shares drop

US Treasury's Adeyemo: Recession looming if US defaults on debt

A consortium of 11 US private banks, two of which are JPMorgan and PNC, injected $30 billion worth of capital in the bank in mid-March to stabilize its exposure caused by the flight of deposits.

Read more: Moody's cuts US banking sector view to negative after banks collapse

Action dilemma

So far, it is still unclear what steps the US government would take.

In normal cases, the Fed only covers depositors up to 250,000 in small and mid-sized banks. 

But following the bank collapses last March, the Fed and FDIC decided to guarantee deposits that exceed the $250,000 mark in attempts to fight contagion fear across the banking sector.

However, former FDIC Chair Sheila Blair said the government "ill-advisedly created an expectation that for any future bank failures, uninsured deposits would be protected."

Nonetheless, if the government did not take this action this time, "I do worry that that's going to surprise people and could be disruptive," she added.

First Republic is the latest in a series of bank crashes the United States has been witnessing lately.

Following the collapse of Silicon Valley Bank (SVB), New York's Signature Bank, and Silvergate Bank, which marked a historic failure in the US banking system, many have attributed the collapses to soaring interest rates.

In March, former Lehman Brothers executive Lawrence McDonald revealed that 50 more US bank collapses could be underway if the US government does not address structural issues.

  • US Banks
  • First Republic
  • Signature Bank
  • SVB
  • Silvergate

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025
Illustration of fists breaking shackles, representing the liberation of Palestinian detainees from Israeli prisons. (Illustrated by: AL Mayadeen English/Batoul Chamas)

4 prominent Palestinian detainees to be freed: Who are they?

  • Palestine
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Iraqi religious leader Sheikh Jawad al-Khalisi on Al Mayadeen Plus, October 18, 2025 (Screengrab)
Politics

Most powerful decision-maker in Iraq is US: Sheikh Al-Khalisi

Flags of Iran, Russia, and China (IRNA)
Politics

Iran, Russia, China confirm: Iran nuclear issue out of UNSC

Member of the Loyalty to the Resistance bloc Ali Fayyad speaks to Al Mayadeen, October 18, 2025 (Screengrab)
Politics

Hezbollah, allies will reject direct talks with 'Israel': MP Fayyad

The bodies of killed Palestinians held by "Israel" during the war are downloaded from Red Cross vehicles after their release, at the Nasser Hospital in Khan Younis, southern Gaza Strip, Oct. 15, 2025. (AP)
Politics

From rubble to graveyards, Gaza continues recovering its martyrs

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS