First Republic fails, and is snapped up by JPMorgan Chase
Regulators arrange a deal for the California-based lender
WHEN BRANCHES of First Republic Bank, the latest regional lender to buckle in the face of surging American interest rates, opened on May 1st, they did so as branches of JPMorgan Chase. The banking giant snapped up the troubled California-based lender in an auction arranged by the Federal Deposit Insurance Corporation (fdic), a regulator, over the weekend. JPMorgan will assume all of First Republic’s $100bn-odd deposits; losses on the bank’s residential and commercial loans will be shared with the fdic.
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