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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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 The bank's first-quarter reports on Monday revealed that over $100 billion of deposits were withdrawn over customer fears.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.

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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

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