BREAKING: JPMorgan Chase is set to take on “all of the deposits and substantially all of the assets of First Republic Bank” after the Federal Deposit Insurance Corporation confirmed that the troubled bank had collapsed on Monday.
May 1, 2023, 4:36 AMFILE - First Republic Bank signs and logos are displayed on a branch on April 26, 2023, in Wellesley, Mass. Regulators continued their search for a solution to First Republic Bankâs woes over the weekend before stock markets were set to open Monday, May 1.First Republic Bank has become the third bank to fail in recent months and the giant JPMorgan Chase will assume all of its assets, according to the Federal Deposit Insurance Corporation.
Under the deal JPMorgan Chase is set to take on “all of the deposits and substantially all of the assets of First Republic Bank” after the Federal Deposit Insurance Corporation confirmed that the troubled bank had collapsed on Monday. “As of April 13, 2023, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits,” the FDIC said. “In addition to assuming all of the deposits, JPMorgan Chase Bank, National Association, agreed to purchase substantially all of First Republic Bank’s assets.”
FILE - First Republic Bank signs and logos are displayed on a branch on April 26, 2023, in Wellesley, Mass. Regulators continued their search for a solution to First Republic Bankâs woes over the weekend before stock markets were set to open Monday, May 1.The FDIC added that avoiding a takeover by the agency would "minimize disruptions for loan customers."
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