When branches of First Republic Bank, the latest regional lender to buckle in the face of surging American interest rates, open today, they will do so as branches of JPMorgan Chase
in March. Both banks had lots of depositors not covered by federal deposit insurance, who tend to be flighty. And flee many did: First Republic’s deposit base collapsed in the first quarter of the year, from $176bn at the end of 2022 to $104bn at the end of March. The bank turned to expensive short-term borrowing, some of it from the Federal Reserve’s emergency facilities, to. Loans it had made when interest rates were low have slumped in value, leading to worries about its solvency.
The deal offers two points of reassurance for the rest of the American banking system. The first is that the takeover is not a bolt from the blue. First Republic’s share price fell by 89% between March 8th and 20th, the period of acute panic after the fall of. Since then, its name has been top of the list of lenders about which investors are fretting.
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