Regulators seize First Republic Bank
The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all deposits and most of the assets of troubled First Republic Bank.
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New York: The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all deposits and most of the assets of troubled First Republic Bank.
The FDIC said early Monday that California regulators had closed First Republic and appointed it as receiver. JPMorgan Chase will assume “all of the deposits and substantially all of the assets of First Republic Bank,” it said in a statement.
First Republic Bank's 84 branches in eight states will reopen Monday as branches of JPMorgan Chase Bank. Regulators had been working to find a way forward before U.S. stock markets opened Monday. San Francisco-based First Republic has struggled since the collapses of Silicon Valley Bank and Signature Bank in early March. They added to worries that the bank may not survive as an independent entity for much longer.
