JPMorgan Chase has agreed to assume all deposits of First Republic bank as part of a deal inked with the FDIC.
JPMorgan Chase agreed to acquire First Republic after the bank was seized by financial regulators early on Monday, a deal that came after weekend-long negotiations led by federal agencies, who were attempting to prevent a third major bank collapse this year.Copyright 2023 The Associated Press.
The statement adds that all depositors of First Republic will become depositors of JPMorgan Chase Bank and retain full access to all their money. As of April 13, First Republic held total deposits of $103.9 billion and $229.1 billion in total assets. The Federal Deposit Insurance Corporation had invited bids from several banks with JPMorgan Chase, PNC Financial Services Group and Citizens Financial Group submitting formal offers,
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