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Why First Republic failed. Are other banks to follow?

Published Fri, 07 Feb 2025 16:39:03 GMT

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also contributed to its undoing. The bank’s business model left it susceptible to a sudden rise in interest rates. Since the collapse of Silicon Valley Bank — and Signature Bank the same weekend — investors have wondered who’s next. First Republic quickly rose to the top of that list, but investors and analysts worried about banks such as Comerica and KeyCorp, which also had large numbers of accounts with deposits above the federally-insured level of $250,000. Here are some things to know about the collapse of First Republic Bank. WHY DID FIRST REPUBLIC FAIL? First Republic grew rapidly through deposits from wealthy individuals and companies. It used those deposits to make large loan...

Democratic Sen. Cardin of Maryland retiring after 3 terms

Published Fri, 07 Feb 2025 16:39:03 GMT

ANNAPOLIS, Md. (AP) — Democratic Sen. Ben Cardin of Maryland announced Monday that he plans to retire at the end of his third term, triggering what is likely to be a highly competitive primary to replace him in the blue-leaning state.The decision by Cardin, a longtime fixture of Maryland politics, will open up his seat for the first time since 2006, when he was elected to the Senate after spending 20 years in the U.S. House representing a large part of Baltimore and several nearby suburbs.“I am proud of all I have done for Maryland. I have given my heart and soul to our great state, and I thank Marylanders for trusting me as your representative for all these years,” Cardin said in a statement.Cardin, 79, is the third Democratic senator to decide not to run for reelection next year, following Sen. Dianne Feinstein of California and Sen. Debbie Stabenow of Michigan. On the Republican side, Sen. Mike Braun of Indiana is eschewing a second term and will run for governor instead.Po...

Few leads, false alarm as search for Texas gunman drags on

Published Fri, 07 Feb 2025 16:39:03 GMT

CLEVELAND, Texas (AP) — Authorities on Monday still had not captured a gunman in Texas who killed five neighbors, and as the search dragged into a third day with false alarms and few apparent leads, Republican Gov. Greg Abbott faced backlash over drawing attention to the victims’ immigration status. An FBI agent on the scene near Houston acknowledged they have little to go on in the widening manhunt for 38-year-old Francisco Oropeza, who has been deported four times since 2009, but who neighbors say lived on their street for years prior to Friday night’s shooting.Abbott offered a $50,000 reward over the weekend for any tips that might lead to Oropeza, and while doing so, the three-term governor described all the victims as “illegal immigrants” — a potentially false statement that his office walked back and apologized for Monday. Critics accused Abbott, who has made hardline immigration measures a signature issue in Texas, of putting politics into the shooting. “We’...

Met Gala 2023 live updates: Look inside the guest list, more

Published Fri, 07 Feb 2025 16:39:03 GMT

NEW YORK (AP) — Fashion’s biggest night is just a few hours away — after all, it is the first Monday in May. Follow along for real-time updates on the 2023 Met Gala from The Associated Press. We’ll be bringing you news in all formats, all day and all night, from the carpet at the Metropolitan Museum of Art and behind the scenes. This year’s theme revolves around late fashion designer Karl Lagerfeld.Live updates are contributed by Leanne Italie, Jocelyn Noveck, Beatrice Dupuy, Lindsey Bahr, Mallika Sen and other AP journalists.___DRESS TO IM-PRESSThe press line opened hours before the stars are scheduled to descend upon the Met. As AP’s own Beatrice Dupuy waited patiently on a gray Manhattan afternoon, she noted that fans had already started packing the streets around the Upper East Side museum. But even at 3 p.m. Eastern, the police presence was minimal as workers clad in yellow vests cleaned the sidewalks.The press line was full of reporters trying their bes...

Dust cloud causes a 60-car crash, closes I-55 for 28 miles

Published Fri, 07 Feb 2025 16:39:03 GMT

MONTGOMERY COUNTY, Ill. (WCIA) - Illinois State Police have reported that all southbound and northbound lanes on Interstate 55 are closed due to multiple crashes with injuries south of Springfield.Police said that Troopers from Troop 6 and 8 responded to multiple crashes on I-55 near milepost 78 just after 11:00 a.m. ISP is reporting blackout conditions due to wind blowing dirt in the area. According to Farmersville Waggoner Ambulance Service, a large number of vehicles were on fire and produced heavy smoke. ISP confirmed 2 commercial vehicles were on fire but were extinguished. More than 30 people have been transported to hospitals in Litchfield and Springfield. State police officials also said there were multiple fatalities. Officials said that I-55 is currently shut down in both directions from milepost 52 near Farmersville, to milepost 80 near Divernon. Traffic is being diverted onto the frontage road. According to a Facebook post from Sprin...

Zion man, 20, charged after crash at car dealership in Gurnee

Published Fri, 07 Feb 2025 16:39:03 GMT

GURNEE, Ill. — A man faces multiple charges for fleeing an officer and crashing into a car dealership, resulting in a fiery crash in Gurnee last week. Sincere Quezare, 20, of Zion, sustained minor injuries from the crash and was charged with reckless driving and fleeing an officer. According to Gurnee police, officers attempted to conduct a traffic stop around 9 p.m. on April 24 after witnessing a car travelling through Gurnee at a high speed. Teen fatally shot in the chest on Chicago’s South Side Police said the vehicle approached the intersection near the 18800 block of Grand Avenue, the car then made a U-turn and continued at a high speed on Grand Avenue towards Route 45. The police officer proceeded to the turn off the squad car emergency lights and did not pursue the vehicle any further. Moments after, the vehicle hit the median at the intersection of Grand Avenue and Route 45. Police said the vehicle then collided with vehicles in the parking lot of Zeigler Nissan in Gurnee.

Northwestern shows faith in Chris Collins after NCAA Tournament appearance

Published Fri, 07 Feb 2025 16:39:03 GMT

CHICAGO - After leading the team to a remarkable turnaround this past season, Chris Collins is going to get to stick around Evanston for most of the next decade..@NUMensBball has announced that head coach Chris Collins has signed a 3-year contract extension through 2028..This comes as the Wildcats returned to the NCAA Tournament for the first time in six years this past winter..@WGNNews pic.twitter.com/CUaqHmsXVg— Larry Hawley (@HawleySports) May 1, 2023The Wildcats men's basketball coach signed a three-year contract extension on Monday after leading the team back to the NCAA Tournament for the first time in six years this winter. This will keep him at the school from the 2027-2028 season. Just a year ago many were wondering what Collins' future might be in Evanston after five-straight losing seasons. Northwestern athletic director Dr. Derrick Gragg even put out a statement in March 2022 saying how he wanted to work with Collins to improve the program after the difficult stret...

Tuesday Morning going out of business, set to close all its stores

Published Fri, 07 Feb 2025 16:39:03 GMT

(NEXSTAR) - Yet another national retailer has announced it is going out of business. Discount store Tuesday Morning announced Monday that it will be closing all of its remaining stores. This comes after the Texas-based retailer voluntarily delisted from the Nasdaq in December, and, earlier this year, filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code. According to a message on Tuesday Morning's website, going out of business sales are now underway. Where to use expired Bed Bath & Beyond coupons If you have any gift cards, they will continue to be honored through May 13, the company said Monday. Items purchased before April 28, 2023, can still be returned within 14 days with the original receipt. Tuesday Morning has stores in 25 states that will be closing. It's not clear when those locations will shutter. The company did not immediately respond to Nexstar's request for additional information. Below is a list of stores set to close:Address&nb...

Trump to sit for CNN town hall

Published Fri, 07 Feb 2025 16:39:03 GMT

Former President Trump will participate in a CNN town hall event in New Hampshire next week, the network announced on Monday. Trump, who last fall became the first Republican to officially seek the party's nomination for president, has not participated in a town-hall style interview in more than two years, last sitting with NBC's Savanah Guthrie late in 2020. The event, which will take place at St. Anselm College, will be moderated by CNN anchor Kaitlan Collins and air at 9 p.m. Eastern. The network said it will fill the venue with a live audience of New Hampshire Republican and undeclared voters who say they intend to vote in the New Hampshire Republican presidential primary. Trump's decision to sit with CNN for a town-hall style event is a significant departure from his usual appearances on Fox News and smaller conservative channels such as Newsmax and OAN. The former president, who regularly derided CNN as "fake news" under its previous leadership, recen...

APD: Car pulled from Lady Bird Lake Monday

Published Fri, 07 Feb 2025 16:39:03 GMT

AUSTIN (KXAN) -- A dive team was out at Lady Bird Lake Monday morning trying to figure out how a car ended up in the water overnight, according to Austin Police. The Austin Police Department said around 2 a.m. Monday, it received a call of gunshots near the Festival Beach Boat Ramp. When officers arrived, they found a car in the water, APD said. Austin Police said a car was found in Lady Bird Lake overnight May 1, 2023. (KXAN Photo/Christian Marcelli)Austin Police said a car was found in Lady Bird Lake overnight May 1, 2023. (KXAN Photo/Christian Marcelli)Austin PD is investigating after a car was found in Lady Bird Lake overnight May 1, 2023. (KXAN Photo/Christian Marcelli)Austin PD dive team getting ready to enter Lady Bird Lake after a car was found in the water overnight May 1, 2023. (KXAN Photo/Christian Marcelli)APD is trying to figure out how a car ended up in Lady Bird Lake overnight May 1, 2023. (KXAN Photo/Christian Marcelli)Divers in the water on Lady Bird Lake. APD said ...