Word: republicbank
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...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...
...financial community gasped last month when the U.S. Government had to prop up First RepublicBank of Dallas with $1 billion, but the true magnitude of the bank's problems was not evident until last week. Awash in bad real estate and energy loans, the bank projected a loss of $1.5 billion in the first three months of 1988, the second largest quarterly deficit in U.S. banking history. (Citicorp lost $2.5 billion in the second quarter...
...Albert Casey, 68, who steered once troubled American Airlines back on course as chairman from 1974 to 1985. American had been laden with many layers of unnecessary staff and subsidiaries. Says Casey: "I fired them all and cleaned them out." He may have to be as ruthless at First RepublicBank...
...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...