“First Republic Bank’s Stock Delisted and Seized by Regulators”

In addition to the company’s common stock, seven different types of preferred stock will also be delisted. Trading in all shares will be suspended immediately, the exchange said.

First Republic was acquired by Merrill Lynch in 2007. But it went public again in 2010 after being sold by Merrill’s new owner, Bank of America, in the wake of the 2008 financial crisis.

At its peak, in November 2021, the bank was valued at more than $40 billion.

On Monday, California regulators seized First Republic and placed it under receivership by the Federal Deposit Insurance Corporation (FDIC), marking the third failure of a major US bank in two months and the largest since Washington Mutual in 2008.

JPMorgan took control of most of the San Francisco-based bank’s assets and all of its deposits.

2023-05-02 17:27:00
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