JPMorgan is coming to the rescue again!
I've been getting some news from the banks popping up a lot lately. Although it's not quite my cup of tea, I've written quite a few posts on them over the past few weeks and today I'll continue again with the popular and familiar $JPM+2.2%
JPMorgan plans to buy $1.8 billion worth of mortgages as part of PacWest Bancorp's merger with Banc of California, Bloomberg reported.
On Tuesday, both PacWest and $BANC-0.2% of California announced an all-stock merger, (merging into one company) to create a new bank. The new merged lenders will have $36 billion in assets and $30.5 billion in total deposits.
The deal came two months after reports that PacWest $PACW-2.7% was considering a sale , as it was one of the hardest hit lenders after the collapse of Silicon Valley Bank. PacWest also suffered from declining confidence during the banking crisis, with customer deposits down 9.5% at the end of May .
According to Bloomberg, PacWest and Banc of California aim to sell about $7 billion of loans, mortgage notes and other assets.
This isn't the first time JPMorgan has come to the rescue of smaller U.S. lenders. In May, it took over First Republic Bank and its nearly $104 billion in deposits.
JMP Group LLC
JMPAs it stands, we simply have a clear "superman" in this sector. Personally, I don't have as big a position as I would like, but at least I'm glad for something, and I'm increasingly convinced this bank is worth investing in. 😊
Either he must be doing very well or not at all :D but judging by the latest results, he's probably doing rather well :)
JPM in the role of breadwinner... I don't know 😁 They're off to a good start, I can't imagine who's going to stop them anytime soon. Perhaps just possible regulation?