Regulators seize troubled First Republic Bank and sell all of its deposits and most of its assets to JPMorgan Chase Bank
First Republic has struggled since the March collapses of Silicon Valley Bank and Signature Bank. / Photo: Reuters
Regulators worked through the weekend to find a way forward before US stock markets opened. Markets in many parts of the world were closed for May 1 holidays Monday. The two markets in Asia that were open, in Tokyo and Sydney, rose. As of April 13, First Republic had approximately $229 billion in total assets and $104 billion in total deposits, the FDIC said.
Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019’s first quarter, when its full-time workforce was 4,600. Since the crisis, First Republic has been looking for a way to quickly turn itself around. The bank planned to sell off unprofitable assets, including the low interest mortgages that it provided to wealthy clients.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Regulators Seize First Republic Bank, Sell to JPMorgan Chase in Third Major Bank Failure of 2023NEW: Regulators seize troubled First Republic Bank and sell all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »
FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Read more »