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.
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