First Republic Bank in San Francisco, California was closed on Monday by the California Department of Financial Protection and Innovation (CDFPI), which appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver, the FDIC said in a press release.
US-based First Republic Bank was closed on Monday (local time) by the local regulators and entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in a bid to protect depositors.
The USD 30-billion infusion will give the struggling San Francisco lender much-needed cash to meet customer withdrawals and buttress confidence in the US banking system during a tumultuous moment for lenders, CNN Business said.
"Small businesses across the country that had accounts at Silicon Valley Bank and Signature Bank can breathe easier knowing they'll be able to pay their workers. It won't cost taxpayers a dime. This is paid for with the fees that banks pay into Deposit Insurance Fund," said Biden.
New Delhi [India], January 26 (ANI): Congress leader Rahul Gandhi on Wednesday took to Twitter to extend greetings on the occasion of the 73rd Republic Day by terming the celebration of first Republic day in 1950 as a "first step of truth and equality."
Washington D.C. [USA], May 19 (ANI): US Representative from Michigan, Justin Amash, on Saturday (local time) said he believed that President Donald Trump has engaged in "impeachable conduct," becoming the first politician of his party to call for removing the president from his party.