JPMorgan Taking Over First Republic Bank
According to the Federal Reserve, it was the 14th largest bank in the U.S.
JPMorgan Chase is paying more than 10-and-a-half billion dollars to acquire most of the failed First Republic Bank. The FDIC issued a statement this morning saying all depositors of First Republic Bank will become depositors of JPMorgan and will have full access to their deposits. FirstRrepublic is the second-largest bank failure in the nation’s history. As part of the transaction, First Republic’s 84 offices will reopen as branches of JPMorgan Chase. At the end of March, First Republic had assets of 233-billion dollars. According to the Federal Reserve, it was the 14th largest bank in the U.S.