NEW YORK (AP) — Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to prevent the California-based bank from becoming the third bank to fail in less than a week.
First Republic serves a similar clientele as Silicon Valley Bank, which failed Friday after depositors withdrew about $40 billion. It appears that First Republic, which had deposits totaling $176.4 billion as of Dec. 31, was facing a similar crisis.
In a statement, the group of banks confirmed that other unnamed banks had seen large amounts of withdrawals of uninsured deposits, which are those that exceed the $250,000 level insured by the Federal Deposit Insurance Corporation. First Republic's shares dropped more than 60% Monday, even after the bank said it had secured additional funding from JPMorgan and the Federal Reserve.
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Thursday the bank’s shares were down as much as 36%, but rallied after reports the rescue package was in the works, and closed up nearly 9%.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo have agreed to each put $5 billion in uninsured deposits into First Republic. Meanwhile Morgan Stanley and Goldman Sachs would deposit $2.5 billion each into the bank. The remaining $5 billion would consist of $1 billion contributions from BNY Mellon, State Street, PNC Bank, Truist and US Bank.
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Florida aims to revoke hotel's liquor license for drag show
Florida Gov. Ron DeSantis' administration is moving to revoke the liquor license of a Miami hotel that hosted a Christmas drag show, a crackdown that comes as the Republican governor looks to shore up his conservative credentials ahead of an expected 2024 presidential bid.
The state’s Department of Business and Professional Regulation filed an administrative complaint earlier this week against the Hyatt Regency Miami for hosting the Christmas-themed show. It alleged that the performance was “sexually explicit" and that children were present for the “lewd, vulgar and indecent” display.
The Hyatt Regency Miami said the programming and ticketing at the venue were managed by a third party and the hotel’s role was to serve food and beverages. Amir Blattner, the hotel’s general manager, said the liquor license remains active as the complaint is being reviewed.
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The top 10 most popular dog breeds in America
1. French bulldogs
FILE - Lola, a French bulldog, lies on the floor prior to the start of a St. Francis Day service at the Cathedral of St. John the Divine, Oct. 7, 2007, in New York. The American Kennel Club announced Wednesday, March 15, 2023 that French bulldogs have become the United States' most prevalent dog breed, ending Labrador retrievers' record-breaking 31 years at the top.
2. Labrador retrievers
Labrador retrievers Soave, 2, left, and Hola, 10-months, pose for photographs as Harbor, right, 8-weeks, takes a nap during a news conference at the American Kennel Club headquarters in New York, March 28, 2018.
3. Golden retrievers
Daniel, a golden retriever, wins the sporting group during 144th Westminster Kennel Club Dog Show, Feb. 11, 2020, in New York.
4. Golden shepherds
FILE — President Joe Biden and first lady Jill Biden's dog Commander, a purebred German shepherd, is walked before the president and first lady arrive on Marine One at the White House in Washington, March 13, 2022.
5. Poodles
A poodle competes during the Annual Kennel Club of Beverly Hills Dog Show at Pomona Fairplex in Pomona, Calif, March 4, 2017.
6. Bulldogs
An English bulldog gets a kiss from its owner, in Bucharest, Romania, March 12, 2017.
7. Rottweilers
Talos, a Rottweiler, poses for photos as the American Kennel Club's breed rankings are announced, in New York, March 21, 2017.
8. Beagles
Miss P, a 15-inch beagle, is presented during the best in show competition at the Westminster Kennel Club dog show, at Madison Square Garden, in New York, Feb. 17, 2015.
9. Dachshunds
A long-haired dachshund is shown in the Hound group competition, during the 140th Westminster Kennel Club dog show, Feb. 15, 2016, at Madison Square Garden in New York.
10. German shorthaired pointers
CJ, a German shorthaired pointer, is shown in the ring by his handler during the Best in Show competition, at the 140th Westminster Kennel Club dog show, Feb. 16, 2016, at Madison Square Garden, in New York.
