Republic National Bank Of Dallas
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First Republic Bank Corporation was an American bank based in
Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
. Founded as the Guaranty Bank and Trust Company in 1920, in 1922 it assumed the name Republic National Bank of Dallas. Afterwards the bank acquired several banks and invested in others, and changed its name several times. By 1948 Republic had grown to become the largest bank in Texas. The bank failed in 1988, during the savings and loan crisis. 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 Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
.


History

The company first opened as the Guaranty Bank and Trust Company in 1920, founded by a
University of Texas The University of Texas at Austin (UT Austin, UT, or Texas) is a public research university in Austin, Texas. It was founded in 1883 and is the oldest institution in the University of Texas System. With 40,916 undergraduate students, 11,075 ...
law school alumnus named Eugene DeBogory. In 1922 when Guaranty obtained a
national charter In banking, the term national bank carries several meanings: * a bank owned by the State (polity), state * an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) * in the United State ...
it assumed the name Republic National Bank of Dallas. 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. During the next decade Republic acquired North Texas National Bank, and invested in several other Texas banks during the banking crisis of the 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. 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 The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credi ...
pumped $1 billion into First Republic and sought a buyer for the ailing bank. While
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and
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put in bids, the FDIC ultimately accepted a less costly bid from a far smaller bank from
Charlotte, North Carolina Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...
, 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.NCNB'S Aggressive Bid To Win First RepublicBank
By Kathleen Day ''Washington Post'' July 31, 1988


See also

*
Bank of America Plaza (Dallas) Bank of America Plaza is a 72-story, late-modernist skyscraper located in the Main Street District in the city's downtown core in Dallas, Texas, United States. It is the tallest skyscraper in the city, the 3rd tallest in Texas and the 45th ...
*
List of companies in the Dallas–Fort Worth metroplex ''For a list of companies based within Dallas city limits, go to List of companies in Dallas'' The Dallas/Fort Worth Metroplex is home to over 20 corporate headquarters, making the Dallas/Fort Worth Metroplex one of the largest corporate headquar ...
*
List of banks Lists of banks are contained in the following articles: By continent * List of banks in Africa – Each country in Africa has a list of banks operating in that country * List of banks in Asia – Asia has a list of banks operating in that coun ...


References

*Federal Deposit Insurance Corporation
Managing the Crisis: The FDIC and RTC Experience.
Chapter 6. First RepublicBank Corporation {{Bank of America Banks based in Texas Banks established in 1920 Bank of America legacy banks Savings and loan crisis Defunct banks of the United States Defunct banks of New York City