05/01/2023

Regulators Seize Ailing First Republic Bank

They sold what remains to JPMorgan

Federal regulators have seized First Republic Bank and sold its assets and deposits to JPMorgan Chase Bank in a deal aimed at quelling renewed weakness in the nation’s banking industry.

In a statement issued early Monday, the Federal Deposit Insurance Corp. said that all depositors of First Republic Bank will become depositors of JPMorgan and will have full access to their deposits.

The deal involved a “highly competitive bidding process,” the FDIC said in its statement, but it did not say what JPMorgan is paying to purchase First Republic.

Please select this link to read the complete article from The Washington Post.