President Biden called for Congress to increase bank executive accountability after the collapse of First Republic Bank, which was seized early Monday by regulators, who then accepted a bid from JPMorgan Chase to acquire almost all of its assets.
provided $30 billion
Investors were skeptical, and a recent devastating quarterly report sent them running for the exits. First Republic shares fell 75% last week and closed Friday at $3.51. JPMorgan Chase — one of the banks that contributed part of the $30 billion in March — has bought the bulk of the bank's operations and assets from the FDIC.
The stock has stopped trading as of Monday, and shareholders won't receive stock in JPMorgan, according to a JPMorgan spokesman. Before it stopped trading, First Republic had a market valuation of about $660 million, according to FactSet. The First Republic deal announced Monday means customers will be able to access all of their money, according to the FDIC.
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