FRC stock below $2

[Gaali_Gottam_Govinda]

On 4/28/2023 at 1:46 PM, dasari4kntr said:

bro..second time enduku pettavu malli...first time loss vachhindi kada...

ekkada poyindo akkade vethakali annaru gaa mana peddalu......... so adhi. 

 

Personally I thought things are stabilizing and this stock could bounce back to atleast $30-$40 in the future...... Market kooda overall gaa kooda going up kada since SVB went down. 

Mana bad luck anthe. 😒

[dasari4kntr]

JPMorgan, PNC Bid to Buy First Republic as Part of FDIC Takeover

Seizure and sale of First Republic could come as soon as this weekend

Big banks including JPMorgan Chase & Co. JPM 0.87%increase; green up pointing triangle and PNC Financial Services Group Inc. PNC 1.74%increase; green up pointing triangle are vying to buy First Republic Bank FRC -43.30%decrease; red down pointing triangle in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter.

A seizure and sale of First Republic could come as soon as this weekend, the people said.

The San Francisco-based bank has teetered for weeks following the March 10 failure of fellow Bay Area lender Silicon Valley Bank. The SVB meltdown spurred panicky First Republic customers to pull around $100 billion in deposits in a matter of days.

The stock has lost some 97% of its value since.

 

A group of the nation’s biggest banks, including JPMorgan and PNC, tried to shore up First Republic with a $30 billion deposit, but it wasn’t enough. First Republic considered a sale or outside capital injection and hired investment bankers to advise on its options, The Wall Street Journal has reported. It also floated a plan to sell some of its loans or securities, or both, at prices above market value.

A seizure and sale of First Republic would cap the astonishing collapse of a lender that was, until recently, the envy of finance. With some $233 billion in assets at the end of the first quarter, it would be the second-largest bank to fail in U.S. history.

A First Republic spokesman declined to comment.

 

First Republic released a dismal quarterly earnings report Monday that gave new details on the extent of the damage from the deposit run. The bank said it filled the hole from fleeing depositors with expensive loans from the Federal Reserve and Federal Home Loan Bank. That left the lender facing a future where it would potentially pay more on its liabilities than it earned on its assets.

The earnings report sent the bank’s stock down nearly 50% in one day. It continued to tumble as the week went on and closed at $3.51 a share on Friday, down from $115 on March 8, the day SVB disclosed a loss that spooked investors and customers.

The banking industry turmoil began when customers with balances exceeding the $250,000 deposit insurance limit grew concerned in March about the health of a handful of midsize banks and pulled out their money en masse. New York-based Signature Bank failed days after SVB’s collapse.

Regulators and bankers hoped the panic had eased after the government stepped in to make uninsured depositors at SVB and Signature whole. But First Republic’s badly damaged balance sheet left it with few good options.

Only a handful of banks could easily absorb First Republic’s assets and deposits. Some of those, like Wells Fargo & Co., face regulatory hurdles to expansion. Others are still digesting recent deals for other banks.

[Jombo0108]

🤮

[dalapathi]

https://finance.yahoo.com/news/us-regulators-seize-first-republic-and-sell-substantially-all-assets-to-jpmorgan-in-largest-bank-failure-since-2008-crisis-094604500.html

[vaakel_saab]

5k bokka

[Best_Villain]

so what will happen to FRC stock owners? do they move to JPMorgan or they make it null

[AndhraneedSCS]

16 minutes ago, Best_Villain said:

so what will happen to FRC stock owners? do they move to JPMorgan or they make it null

they will be 4th in line anta. 

 

• According to the FDIC, stockholders will be fourth, and last, in line to collect on claims, following depositors, general unsecured creditors, and subordinated debt holders.
• With cash generated through the liquidation of the failed bank's assets, the FDIC will distribute receivership dividends "to proven claimants of the failed institution," the FDIC said on its website.

[vaakel_saab]

nee antha daridrudu undadu.. nenu puts sell chesa friday.. 5K bokka

heyyy bagwan......2 nd job anna ipinchu

[Assam_Bhayya]

 

[Gorantlamdhav]

35 minutes ago, vaakel_saab said:

nee antha daridrudu undadu.. nenu puts sell chesa friday.. 5K bokka

heyyy bagwan......2 nd job anna ipinchu

Masth deal kottinav costco la pizza konuko

[vaakel_saab]

5 minutes ago, Gorantlamdhav said:

Masth deal kottinav costco la pizza konuko

pizza ki paisal pampu baa

[Gorantlamdhav]

8 hours ago, vaakel_saab said:

pizza ki paisal pampu baa

Jamie gaadu last ki pizza party istademo kanukkoni chepta