NYSE to delist First Republic Bank shares

NYSE to delist First Republic Bank shares
© Reuters. FILE PHOTO: A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermid

(Reuters) – The New York Stock Exchange said on Tuesday it will delist shares of First Republic Bank (NYSE:FRC), the lender that was seized by regulators before JPMorgan Chase & Co (NYSE:JPM) acquired most of its assets.

Apart from the company’s common stock, seven different types of its preferred stock will also be delisted. Trading in all the shares will be suspended immediately, the exchange said.

First Republic was acquired by Merrill Lynch in 2007. But it was listed on the stock market again in 2010 after being sold by Merrill’s new owner Bank of America Corp (NYSE:BAC), following the 2008 financial crisis.

At its peak, in November 2021, the bank was valued at over $40 billion.

California regulators on Monday seized First Republic and put it into Federal Deposit Insurance Corp receivership, marking the third major U.S. bank failure in two months and the largest since Washington Mutual in 2008.

JPMorgan took control of most of the San Francisco-based bank’s assets and all of its deposits.

Source: Reuters