Citizens Bank First Republic Acquisition Falls Through

The proposed acquisition of First Republic by Citizens Bank has officially fallen through. This news has sent shockwaves through the financial community.

The deal was valued at a staggering $22 billion, making it one of the largest bank mergers in recent history.

Citizens Bank had been in advanced talks with First Republic for several months, with the goal of expanding its presence in the West Coast market.

Citizens Bank has acquired First Republic Bank, marking a significant expansion of its presence in the US banking market.

The combined bank will have over $500 billion in assets, making it one of the largest banks in the US.

This acquisition is expected to bring together two strong brands with a shared commitment to customer service and community banking.

Citizens Financial Group's failed bid to acquire First Republic Bank would have nearly doubled the size of Providence-based Citizens Bank.

Citizens Bank is the second-largest retail bank in Massachusetts in terms of deposits, according to FDIC data.

The purchase of First Republic would have made a significant impact, but it's not the only path forward for mid-sized and regional banks like Citizens.

In banking, it's not always about getting bigger, said Gerard Cassidy, a banking analyst. You can achieve outsize shareholder returns through profitability.

Citizens has about $222 billion in total assets, a fraction of what JPMorgan Chase has with nearly $4 trillion in assets.

It's very hard to put in a competitive bid when one of the bidders is almost ten times your size, Cassidy noted.

Missing out on acquiring First Republic will not be Citizens' only opportunity to boost profits, Cassidy said.

Curious to learn more? Check out: First Republic Bank Assets

Citizens Financial Group has made a significant move in building out its wealth management business by hiring 50 senior private bankers and related support staff from First Republic Bank.

These 50 ex-bankers will help scale Citizens' commercial and business banking, retirement planning, and investment management businesses.

The hires expand Citizens' wealth management business in Boston, Florida, and New York, and establish a presence in the San Francisco market.

The bank's wealth management business is getting a major boost with the addition of these experienced professionals.

The teams being hired have a proven track record of delivering exceptional client experiences, according to Citizens.