Word: interfirst
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Dates: during 1980-1989
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...size of the bailout is the result of a failed gamble by federal regulators, who last year allowed RepublicBank to take over its crosstown rival, the struggling InterFirst, in the hope that the two institutions could shore each other up. But the combined company, First RepublicBank, lost nearly $2.3 billion in the first half of this year and showed no signs of recovery. Last week's huge commitment, coming on top of earlier Texas rescues, is likely to stir debate over the adequacy of the FDIC's $18 billion insurance fund...
...travails at First RepublicBank began last year, when the company, then called RepublicBank, acquired another Dallas firm, InterFirst, which was on the verge of collapse. InterFirst seemed salvageable, but its loan portfolio was in worse shape than RepublicBank assumed. As a result, First RepublicBank last year lost $657 million. Says Paul Horvitz, a professor at the University of Houston: "The merger may turn out to have been the worst business decision ever made." Worried First RepublicBank's depositors have pulled some $2 billion out of their accounts this year. If First Republic were to fail, it could cost the FDIC...
...assets: $18.9 billion) for $1.19 billion. If completed, the merger will be among the biggest in U.S. banking history and will create the fourth largest bank company, behind Citicorp, BankAmerica and Chase Manhattan. One day after that deal became public, two large Dallas institutions, healthy Republic Bank and ailing Interfirst, announced a Texas- size merger of their own. The combined bank (assets: $35 billion) will be the $ twelfth largest...
Defense against out-of-state competition was probably on the mind of Republic Bank Chairman Gerald Fronterhouse, whose institution aims to strengthen its No. 2 position in Texas by acquiring Interfirst, the state's fourth largest bank. Said Fronterhouse, who will head the combined company: "This is a bank made by Texans for Texans." One challenge will be to help Interfirst dig out from under a $1.1 billion pile of sour energy loans and depressed real estate holdings...
...studies the region's banks for the investment firm of Keefe, Bruyette and Woods: "The situation is deteriorating, and there is no end in sight to the crisis. Recovery is three to five years away." Indeed, the only gushers in Texas are spouting red ink. Last week Dallas-based InterFirst (assets: $19.2 billion), the state's third- largest banking company, posted a second-quarter loss of $281.1 million...