First Republic Bank Corporation
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1920 |
| Founder | Eugene DeBogory |
| Defunct | 1988 |
| Fate | Acquired by NCNB Corporation |
| Headquarters | Dallas , United States |
Area served | Texas, United States |
First Republic Bank Corporation operated as a banking institution headquartered in Texas, United States. Originally established in 1920 by Eugene DeBogory under the name Guaranty Bank and Trust Company, it secured a national charter in 1922 and was subsequently renamed Republic National Bank of Dallas.[1] Through strategic acquisitions and capital investments, the bank underwent several rebrandings. By 1948, it had become the largest banking entity within Texas. In the 1970s, the acquisition of Houston National Bank enabled it to develop a substantial portfolio of real estate loans.[1]
The decline in real estate prices during the late 1980s Savings and Loan crisis critically affected Republic's loan assets. In 1987, a merger between RepublicBank Corporation and InterFirst Bank Corporation resulted in the formation of First RepublicBank Corporation; however, financial difficulties continued. The FDIC intervened with a $1 billion capital injection in March 1988 and initiated a search for potential purchasers. Although Citicorp and Wells Fargo submitted bids, the FDIC chose a more cost-effective proposal from Charlotte-based NCNB Corporation. On July 29, 1988, First Republic ceased operations, with NCNB acquiring its assets. This acquisition doubled NCNB’s total size and propelled it from the 17th to the 10th-largest bank in the United States.[2]
See also
References
- Federal Deposit Insurance Corporation. Managing the Crisis: The FDIC and RTC Experience. Chapter 6. First RepublicBank Corporation