Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually all of First Republic's assets.
Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually all of the lender's assets.
The DFPI said it acted under California law regarding a financial entity the law describes as"conducting its business in an unsafe or unsound manner" and being in a"condition that … is unsafe or unsound" to carry out banking business. Before entering receivership First Republic shares had lost 97% of their value since January, taking more than $21 billion off First Republic's market value.
"This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy and it is complementary to our existing franchise," he said.First Republic has $229 billion in assets, making it the second-biggest bank to collapse in U.S. history after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion and which also was sold to JPMorgan.
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