General World News

JPMorgan Chase to acquire First Republic Bank

Less than two months after the abrupt failures of Silicon Valley Bank and Signature Bank, federal regulators seized First Republic Bank and sold it to JPMorgan Chase Bank.

The Federal Deposit Insurance Corporation (FDIC) and JP Morgan are also entering into a loss-share transaction on single family, residential and commercial loans it purchased from the  former First Republic Bank.

JPMorgan Chase, the largest bank in the country, would be purchasing substantially all of the bank’s assets and deposits, the FDIC announced details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com