Delisting of Common and Preferred Stock
In addition to the company's common stock, the NYSE will delist seven different types of First Republic Bank's preferred stock. Trading in all shares will be suspended immediately, according to the exchange.
First Republic Bank's History
First Republic Bank was initially acquired by Merrill Lynch in 2007. Still, it was relisted on the stock market in 2010 after being sold by Merrill's new owner, Bank of America Corp (NYSE: BAC), in the wake of the 2008 financial crisis.
Bank's Peak Valuation in 2021
At its peak in November 2021, First Republic Bank boasted a valuation of over $40 billion.
California Regulators Seize First Republic
California regulators seized the First Republic on Monday, placing it into Federal Deposit Insurance Corp receivership. This marked the third major U.S. bank failure in two months and the largest since Washington Mutual in 2008.
JPMorgan Acquires Bank's Assets
JPMorgan subsequently gained control of most of the San Francisco-based bank's assets and deposits.