Word: republicbank
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NCNB, which acquired First RepublicBank of Texas in 1988, has long coveted C&S/Sovran. The proposed merger came only three days after Winston-Salem's Wachovia Corp. agreed to buy troubled South Carolina National for $800 million. The deals probably foreshadow a new wave of acquisitions, even among such big banks as Chemical, Chase Manhattan, Wells Fargo and Security Pacific. Says analyst James McDermott: "The industry is poised for a massive round of consolidations...
...accounting firm barely has time to celebrate. The SEC is investigating whether 36 Young partners improperly borrowed money from Republicbank of Dallas. Some of them had audited the bank (and certified it healthy) a year before it also crumbled...
Last week's big S and L deals followed by less than a month the Government's rescue of Dallas-based First RepublicBank, the second largest bank bailout in history. NCNB, a thriving Charlotte, N.C., banking company, has agreed to take over management of First RepublicBank, but to keep the failing Texas bank afloat, the Federal Deposit Insurance Corporation will have to provide $4 billion -- an amount topped only by the $4.5 billion bailout of Chicago's Continental Illinois...
...banks and insures deposits up to $100,000, shut down or bailed out 600 banks at a cost of $9.99 billion. By far the worst trouble spot is Texas, where the woes of the oil and real estate industries have caused 192 banks to fail since 1982. The First RepublicBank case almost guarantees that the FDIC will operate at a loss this year for the first time in its history. Its reserves now stand at $15.8 billion, down from $18.3 billion in January, and the fund is likely to lose an additional $2 billion by the end of the year...
...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...