* Regulators seized the bank on Monday and a deal to sell its assets was struck
* San Francisco-based First Republic had total assets of $229.1 billion as of April 13
First Republic Bank has been sold to JPMorgan Chase after regulators seized it on Monday, making it the third major bank to fail in two months.
The California Department of Financial Protection and Innovation (DFPI) said it closed the San Francisco-based bank and agreed on a deal to sell its assets after it had failed to come up with a workable rescue plan.
DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver, and said it accepted a bid from JPMorgan Chase Bank to assume all deposits.
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WNU Editor: I do not share the view that this part of the US banking crisis is over .... Jamie Dimon says ‘this part of the crisis is over’ after JPMorgan Chase buys First Republic (CNBC).
First Republic Bank Sold To JPMorgan Chase After Second Biggest Bank Failure In US History
First Republic Bank seized, sold to JPMorgan Chase -- AP
JPMorgan snaps up First Republic's assets in U.S. auction -- Reuters
US regulators seize California's First Republic in latest banking failure -- France 24
First Republic: JP Morgan snaps up major US bank -- BBC
JP Morgan to snap up most of failed US bank First Republic -- The Guardian
US authorities 'auction' First Republic Bank to JPMorgan after second biggest bank failure in history -- ABC News Australia
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