Tag: Commercial banking
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First Citizens Nearly Agree to Buy Silicon Valley Bank: Report
Last Updated: March 26, 2023 at 8:34 PM ET First published: March 26, 2023 at 7:57 p.m. ET First Citizens BancShares Inc. is close to a deal to acquire the bankrupt Silicon Valley Bank from the Federal Deposit Insurance Corp., according to a report late Sunday. Bloomberg News reported that a deal could be announced […]
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Why the stock market is looking past the worst banking mess since 2008 — for now
Judging by major indices, it will take more than the Federal Reserve to raise interest rates amid the worst banking mess since the 2008 financial crisis before stock market investors lose their cool. “Investors are broadly assuming that regulators will step in and shield the industry if they need to, which is what prevents it […]
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Welcome to the Superprime banking crisis
Banks for rich people are different from other banks. They used to have more money. The latest banking crisis was characterized by subprime borrowers, particularly people with credit problems who obtained mortgages from bankers who ignored the risk that the borrowers would realistically not be able to pay them. Banks that got into trouble were […]
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The founder of the First Republic Bank earned a high salary, just like his relatives
First Republic Bank FRC -5.03% paid family members of founder James Herbert millions of dollars for work at the lender in recent years, including for advisory services related to interest rates and risk, according to public disclosures the bank made as part of annual filings. The bank paid Mr. Herbert, who was CEO before taking […]
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Silicon Valley Bank’s former parent company says FDIC seized about $2 billion in cash
Silicon Valley Bank’s former parent company cannot access about $2 billion it deposited with the bankrupt bank after regulators froze the company’s accounts and are investigating whether it should bear costs related to the bank’s bankruptcy . Lawyers for SVB Financial Group, the holding company that formerly controlled the now-defunct bank, alleged Tuesday at the […]
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First Republic Bank asks Lazard for help with strategic options assessment
First Republic Bank FRC 29.47% strengthens his ranks of advisors as the troubled lender tries to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The Bank of California this week tapped Lazard Ltd. LAZ 3.23% to help assess strategic options, such as a sale, a […]