{"id":67646,"date":"2023-05-01T08:52:14","date_gmt":"2023-05-01T12:52:14","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67646"},"modified":"2023-05-01T08:52:14","modified_gmt":"2023-05-01T12:52:14","slug":"coffee-with-greta-another-bank-failure","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/01\/coffee-with-greta-another-bank-failure\/","title":{"rendered":"Coffee With Greta: Another Bank Failure"},"content":{"rendered":"

DJIA Futures: <\/b>+9 (+0.03%)<\/span><\/p>\n

SPX Futures: <\/b>-3 (-0.1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-17 (-0.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are flat as another regional bank fails and traders get ready for a big week on Wall Street.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

JPMorgan Buys First Republic After Failure<\/span><\/h2>\n

First Republic Bank <\/b>(FRC) was officially seized by regulators this morning, making it the third regional bank to fail since March.\u00a0<\/span><\/p>\n

JPMorgan Chase <\/b>(JPM) was the winner of a weekend auction for the bank and shares are up 4.3% ahead of the open.<\/span><\/p>\n

The largest bank in the U.S. is getting about $92 billion in deposits and taking over $73 billion in loans and $30 billion in securities.\u00a0<\/span><\/p>\n

JPMorgan will share losses on mortgages and commercial loans assumed in the deal with the Federal Deposit Insurance Corporation.\u00a0<\/span><\/p>\n

It also received a $50 billion credit line from the FDIC.\u00a0<\/span><\/p>\n

This deal will cost the FDIC\u2019s Deposit Insurance Fund $13 billion.\u00a0<\/span><\/p>\n

The FDIC said, \u201cAs part of the transaction, First Republic Bank\u2019s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.\u201d<\/span><\/p>\n

JPMorgan CEO Jamie Dimon said, \u201cOur government invited us and others to step up, and we did. This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.\u201d<\/span><\/p>\n

SoFi Rallies On Earnings Beat<\/span><\/h2>\n

SoFi Technologies <\/b>(SOFI) shares are rallying 6.4% in premarket trade after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the online lending giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n