Heard on the Street: Why buying First Republic for cheap would still be expensive
The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature Banks go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallIf another bank bought First Republic Bank for a single dollar, it could still end up costing that buyer tens of billions.
For many years, First Republic had a sterling reputation as a fast-growth lender focused on a very desirable clientele—the affluent. One might think that such a franchise would fit well with any number of banks looking to grow businesses like wealth management. Its assets are also seemingly mostly solid ones, like government securities and mortgages extended to those well-off clients.
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