On May 1, 2023, the Federal Deposit Insurance Corporation (“FDIC”) seized control of First Republic Bank (“First Republic”) and then, as receiver of First Republic, entered into a purchase and assumption agreement (“P&A”)...more
Over the past several weeks, the markets have been roiled by banks in financial distress. Some banks have received influxes of capital, while others were taken over by regulators or a competitor. Banks and the global economy...more
In the wake of two bank failures last week, the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver for each failed bank (“Receiver”). The Receiver subsequently transferred all deposits (both insured and...more
UPDATE (3/12 PM): U.S. Treasury Uses Systemic Risk Exception to Protect Depositors of Failed Banks and the Federal Reserve Board Establishes New Emergency Facility. Following the failure of Silicon Valley Bank (SVB) on...more