JPMorgan to acquire troubled First Republic Bank By Cointelegraph
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© Reuters.
The American banking giant JPMorgan Chase (NYSE:) is set to acquire First Republic Bank’s (FRB) assets after early efforts to rescue it failed. JPMorgan and multiple other banks submitted a bid to acquire the assets of troubled FRB on April 29.
The California Department of Financial Protection and Innovation closed FRB on May 1 and entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC then entered into a purchase and assumption agreement with JPMorgan to protect depositors.
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© Reuters.
The American banking giant JPMorgan Chase (NYSE:) is set to acquire First Republic Bank’s (FRB) assets after early efforts to rescue it failed. JPMorgan and multiple other banks submitted a bid to acquire the assets of troubled FRB on April 29.
The California Department of Financial Protection and Innovation closed FRB on May 1 and entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC then entered into a purchase and assumption agreement with JPMorgan to protect depositors.
Continue Reading on Coin Telegraph
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