San Francisco-based First Republic has struggled since the collapses of Silicon Valley Bank and Signature Bank in early March.
NEW YORK — Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
The Federal Deposit Insurance Corporation said early Monday that First Republic Bank’s 84 branches in eight states will reopen as branches of JPMorgan Chase Bank and depositors will have full access to all of their deposits. As of April 13, First Republic had approximately $229 billion in total assets and $104 billion in total deposits, the FDIC said.
Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019’s first quarter, when its full-time workforce was 4,600.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Regulators Seize First Republic Bank, Sell to JPMorgan Chase in Third Major Bank Failure of 2023NEW: Regulators seize troubled First Republic Bank and sell all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »