(Finance) – The New York Stock Exchange has announced that the NYSE Regulation staff has decided to initiate the delisting procedure of the actions First Republic Bankafter most of the assets of the Californian institution were purchased by JPMorgan with the help of the Federal Deposit Insurance Company (FDIC).
The provision concerns the ordinary shares and seven different types of preference shares. Trading in the company’s stock has been suspended.
First Republic was acquired by Merrill Lynch in 2007, but it was listed again on Wall Street in 2010 after being sold by the new owner of Merrill, Bank of Americafollowing the 2008 financial crisis.