Might 2 (Reuters) – The New York Inventory Trade mentioned on Tuesday it would delist shares of First Republic Financial institution (FRC.N), the lender that was seized by regulators earlier than JPMorgan Chase & Co (JPM.N) acquired most of its belongings.
Aside from the corporate’s widespread inventory, seven various kinds of its most well-liked inventory will even be delisted. Buying and selling in all of the shares will probably be suspended instantly, the change mentioned.
First Republic was acquired by Merrill Lynch in 2007. However it was listed on the inventory market once more in 2010 after being offered by Merrill’s new proprietor Financial institution of America Corp (BAC.N), following the 2008 monetary disaster.
At its peak, in November 2021, the financial institution was valued at over $40 billion.
California regulators on Monday seized First Republic and put it into Federal Deposit Insurance coverage Corp receivership, marking the third main U.S. financial institution failure in two months and the most important since Washington Mutual in 2008.
JPMorgan took management of many of the San Francisco-based financial institution’s belongings and all of its deposits.
Reporting by Niket Nishant in Bengaluru; Enhancing by Krishna Chandra Eluri
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