Word: republicbank
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Dates: during 1980-1989
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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...
...sound of collapsing banks has echoed through the depressed Texas oil fields for two years now, but the crash heard last week was the loudest of all. Federal regulators disclosed that they would pledge $4 billion to rescue Dallas-based First RepublicBank (assets: $32.5 billion), the state's largest banking firm. The initial federal commitment is second in size only to the $4.5 billion bailout of Chicago's Continental Illinois...
...part of the plan, management of First RepublicBank will be taken over by NCNB Corp., a Charlotte, N.C.-based institution (assets: $28.6 billion) that won a bidding war with several other potential buyers, including New York City's Citicorp and San Francisco's Wells Fargo. The North Carolina bank will pay at least $210 million for a 20% stake in the bank and will have a five- year option to buy the rest from the Federal Deposit Insurance Corporation, which guarantees bank deposits and will put up most of the money for the rescue...
...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...