The Federal Deposit Insurance Corporations' Deposit Insurance Fund will take a$13 billion haircut to continue insuring all the deposits of First Republic that will be converted to JPMorgan deposits.
The Federal Deposit Insurance Corp has named JPMorgan Chase as the buyer of First Republic Bank.
The U.S. Federal Deposit Insurance Corporation has named American banking giant JPMorgan Chase as the buyer of First Republic Bank. The troubled bank was closed by the California Department of Financial Protection and Innovation on May 1 after efforts to rescue the bank failed.According to a press release from the FDIC, California’s financial regulator closed First Republic and appointed the federal agency as the bank’s receiver.
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