James Herbert founded the First Republic Bank in 1985.
US regulators took possession of California's troubled First Republic Bank and sold it to JPMorgan Chase, hoping to bring to a close a two-month crisis that has rattled the financial system. It was founded by James Herbert.
Here are five points on Mr Herbert:
As per the bank's website, James Herbert established the First Republic Bank in 1985 and served as its CEO for 37 years. From 2007, he also served as Chairman.
Financial Times said Mr Herbert is known as a shrewd and driven businessman. He grew the bank from just 9 employees to America's 14th largest bank. By July 2020, the bank had 80 offices in seven US states and employed more than 7,200 people at the end of last year.
Mr Herbert was born in Ohio, his father was a community banker and mother a homemaker, said the FT report. He started his journey in the banking world from Chase Manhattan Bank.
He focussed on entrepreneurs and specialised in private banking that catered to wealthier people, much like Silicon Valley Bank, which failed in March.
Mr Herbert had sold First Republic Bank to Merrill Lynch in 2007 for a 40 per cent premium. But Merrill was acquired by Bank of America during the 2008 financial crisis, so Mr Herbert bought it back.
Post a comment