First Republic Bank sold to JPMorgan Chase amid U.S. banking turmoil
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.Silicon Valley Bank collapse: Fed became aware of interest rate, and liquidity risks in Nov. 2021
“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. At the end of last year, the Federal Reserve ranked it 14th in size among U.S. commercial banks. The FDIC estimated its deposit insurance fund would take a $13 billion hit from taking First Republic into receivership. Its rescue of Silicon Valley Bank cost the fund a record $20 billion.Before Silicon Valley Bank failed, First Republic had a banking franchise that was the envy of most of the industry. Its clients _ mostly the rich and powerful _ rarely defaulted on their loans.
Canada Latest News, Canada 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 ChaseRegulators 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.
Read more »
First Republic up in air as regulators juggle bank’s fateFormer Goldman Sachs president and Trump adviser says FDIC likely to seize control of First Republic Bank before selling it
Read more »
First Republic up in air as regulators juggle bank's fateRegulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday
Read more »
First Republic auction underway, with deal seen by Sunday, according to sourcesThe sale process kicked off this week after the lender that got swept up in a banking crisis last month failed to come up with a deal without government help
Read more »
Regulators auction First Republic, with deal expected by SundayA deal is expected to be announced on Sunday night before Asian markets open, with the regulator likely to say at the same time that it had seized the lender, three of the sources said
Read more »
New Zealand leader says he favours nation becoming a republicNew Zealand Prime Minister Chris Hipkins said Monday he personally favors his country becoming a republic, but it's not a change he intends to push for as leader.
Read more »