The New York Stock Exchange (NYSE) announced that it was going to delist shares of First Republic Bank, which was closed by regulators, after which most of its assets were acquired by JPMorgan Chase & Co.
In addition to the financial company’s common stock, seven different types of its preferred shares will also be delisted. Trading in all shares will be immediately suspended, the exchange said.
First Republic Bank was acquired by Merrill Lynch in 2007. However, after being sold by Merrill’s new owner, Bank of America Corp, in the wake of the 2008 financial crisis, the bank was listed on the stock market again in 2010.
In November 2021, the bank’s value peaked at over $40 billion.
On Monday, California regulators shut down First Republic Bank and placed it under the Federal Deposit Insurance Agency (FDIC), the third largest bank collapse in the U.S. in two months and the largest since the collapse of Washington Mutual in 2008.
JPMorgan gained control over most of the bank’s assets and all of its deposits.