Monday morning, it was announced that the FDIC had taken over First Republic Bank and sold it to JPMorgan Chase. Eleven major banks had previously infused First Republic with $30 billion in deposits to stabilize the bank after the failures of Silicon Valley Bank, Signature Bank, and Credit Suisse. This process found new urgency over the past week when First Republic revealed that uninsured deposits at the bank fell $100 billion in the first quarter. So, this deal has been in the making for several days, with a few large banks bidding on First Republic's deposits and assets. With ongoing banking turmoil creating market and economic uncertainty, how can long-term investors navigate the months ahead?
We discuss in this episode of The Wealth Effect Podcast:
💲 FDIC Bank Failure Losses
📉 Financials Sector Performance
📊 U.S. GDP Growth
Show Notes
Matt Faubion, CFP®
Founder - Wealth Manager
Faubion Wealth Management
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