Yes, you read the headline correctly. Collectively, the three big banks that have collapsed in 2023 had more assets than all 25 banks that collapsed in 2008 did. Unfortunately, the banking collapse of 2023 is far from over. We still have eight more months to go before this year is done, and many more banks are currently teetering on the brink of disaster. Executives at those banks are telling us not to worry, but of course executives at First Republic were issuing similar assurances just last week. Personally, I had heard that First Republic supposedly had enough reserves to keep going for months. But that was a lie, and now First Republic is toast. The following comes from the official statement that the FDIC issued when it took over the bank…
First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.
JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
The government was not going to allow just anyone to snap up the assets of First Republic.
JPMorgan Chase was one of the institutions that was invited to make a bid, and they came out of this process as the big winners.
After reading the article I feel so relieved. Not going to lose a cent. (Not!)
West Alliance Bank doing poorly. If you live in a NC HOA community check with your property management where they are depositing your monthly dues.
Off topic but current information about Jan 6th
Former FBI agent charged in Jan. 6 attack on U.S. Capitol (msn.com)
Looks like the story of “insurrection” is again struck a blow on MSN.
What’s the time frame from conspiracy theory to main stream news facts? A year plus?
Protect your family and trusted friends. Most important assets in a serious situation.
I Notice he’s allowed to STAY at home while under “investigation”. Unlike the Jan 6th Gulag prisoners.
only 183 more nearly insolvent institutions to go. TPTB are simply consolidating all the banks into one, the World Bank, so they have absolute financial control of the planet, and all it’s little minions.