This article is about the defunct bank based in Dallas, Texas. For the failed bank that was based in San Francisco, California, see First Republic Bank. For the Philadelphia bank, see Republic First Bancorp.
First Republic Bank Corporation was an American bank based in Texas. Founded as the Guaranty Bank and Trust Company in 1920,[1] in 1922 it assumed the name Republic National Bank of Dallas.[1] Afterwards the bank acquired several banks and invested in others, and changed its name several times.[1] By 1948 Republic had grown to become the largest bank in Texas. The bank failed in 1988, during the savings and loan crisis.[1] It was acquired by NCNB Corporation in 1988. As a result of a series of mergers over the next two decades, most of what was once First Republic is now part of Bank of America.
The company first opened as the Guaranty Bank and Trust Company in 1920, founded by a University of Texas law school alumnus named Eugene DeBogory. In 1922 when Guaranty obtained a national charter it assumed the name Republic National Bank of Dallas.[1]
When the company began servicing farm and ranch loans, it was required to establish a Texas subsidiary, Republic Trust and Savings Bank, to comply with regulations governing national banks at the time. In 1928 the regulations changed, allowing the state-chartered Republic Trust and Savings Bank to be merged back into the parent company, forming the Republic National Bank and Trust Company.[1]
During the next decade Republic acquired North Texas National Bank, and invested in several other Texas banks during the banking crisis of 1933. In 1938 the name changed again back to Republic National Bank of Dallas. By 1948 Republic had grown to become the largest bank in Texas. In the 1970s, toward the tail end of a lengthy period of expansion and acquisition, Republic acquired the Houston National Bank and held a substantial portfolio of loans to the real estate industry in Texas.[1]
In the late 1980s Savings and Loan crisis, Texas in general and Republic's loan portfolio in particular were hit hard by real estate devaluation. In efforts to remain solvent, RepublicBank Corporation in 1987 merged with InterFirst Bank Corporation, also based in Dallas, creating First RepublicBank Corporation. However, First Republic was unable to weather the downturn. In March, the FDIC pumped $1 billion into First Republic and sought a buyer for the ailing bank. While Citicorp and Wells Fargo put in bids, the FDIC ultimately accepted a less costly bid from a far smaller bank from Charlotte, North Carolina, NCNB Corporation. First Republic failed on July 29, 1988; later that day, the FDIC awarded the remains of First Republic to NCNB. The deal doubled NCNB's assets and vaulted it from the 17th-largest bank in the country to the 10th-largest in one stroke.[2]
^ abcdefgSeidel, Jeff, , archived from the original on March 15, 2011, retrieved 2007-08-20
^NCNB'S Aggressive Bid To Win First RepublicBank By Kathleen Day Washington Post July 31, 1988
Federal Deposit Insurance Corporation. Managing the Crisis: The FDIC and RTC Experience. 2017-01-26 at the Wayback Machine Chapter 6. First RepublicBank Corporation
January 01, 1970
first, republic, bank, corporation, this, article, about, defunct, bank, based, dallas, texas, failed, bank, that, based, francisco, california, first, republic, bank, philadelphia, bank, republic, first, bancorp, this, article, needs, additional, citations, v. This article is about the defunct bank based in Dallas Texas For the failed bank that was based in San Francisco California see First Republic Bank For the Philadelphia bank see Republic First Bancorp This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources First Republic Bank Corporation news newspapers books scholar JSTOR October 2008 Learn how and when to remove this message First Republic Bank Corporation was an American bank based in Texas Founded as the Guaranty Bank and Trust Company in 1920 1 in 1922 it assumed the name Republic National Bank of Dallas 1 Afterwards the bank acquired several banks and invested in others and changed its name several times 1 By 1948 Republic had grown to become the largest bank in Texas The bank failed in 1988 during the savings and loan crisis 1 It was acquired by NCNB Corporation in 1988 As a result of a series of mergers over the next two decades most of what was once First Republic is now part of Bank of America First Republic Bank CorporationIndustryBankingFounded1920 as Guaranty Bank and Trust CompanyFounderEugene DeBogoryHeadquartersDallas Texas United StatesHistory editThe company first opened as the Guaranty Bank and Trust Company in 1920 founded by a University of Texas law school alumnus named Eugene DeBogory In 1922 when Guaranty obtained a national charter it assumed the name Republic National Bank of Dallas 1 When the company began servicing farm and ranch loans it was required to establish a Texas subsidiary Republic Trust and Savings Bank to comply with regulations governing national banks at the time In 1928 the regulations changed allowing the state chartered Republic Trust and Savings Bank to be merged back into the parent company forming the Republic National Bank and Trust Company 1 During the next decade Republic acquired North Texas National Bank and invested in several other Texas banks during the banking crisis of 1933 In 1938 the name changed again back to Republic National Bank of Dallas By 1948 Republic had grown to become the largest bank in Texas In the 1970s toward the tail end of a lengthy period of expansion and acquisition Republic acquired the Houston National Bank and held a substantial portfolio of loans to the real estate industry in Texas 1 In the late 1980s Savings and Loan crisis Texas in general and Republic s loan portfolio in particular were hit hard by real estate devaluation In efforts to remain solvent RepublicBank Corporation in 1987 merged with InterFirst Bank Corporation also based in Dallas creating First RepublicBank Corporation However First Republic was unable to weather the downturn In March the FDIC pumped 1 billion into First Republic and sought a buyer for the ailing bank While Citicorp and Wells Fargo put in bids the FDIC ultimately accepted a less costly bid from a far smaller bank from Charlotte North Carolina NCNB Corporation First Republic failed on July 29 1988 later that day the FDIC awarded the remains of First Republic to NCNB The deal doubled NCNB s assets and vaulted it from the 17th largest bank in the country to the 10th largest in one stroke 2 See also editBank of America Plaza Dallas List of companies in the Dallas Fort Worth metroplex List of banksReferences edit a b c d e f g Seidel Jeff Handbook of Texas Online s v archived from the original on March 15 2011 retrieved 2007 08 20 NCNB S Aggressive Bid To Win First RepublicBank By Kathleen Day Washington Post July 31 1988 Federal Deposit Insurance Corporation Managing the Crisis The FDIC and RTC Experience Archived 2017 01 26 at the Wayback Machine Chapter 6 First RepublicBank Corporation Retrieved from https en wikipedia org w index php title First Republic Bank Corporation amp oldid 1212397914, wikipedia, wiki, book, books, library,
