US regulator seizes First Republic Bank, sells assets to JP Morgan Chase
The failed bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, according to the statement.
By News on the Net -- New York Post—— Bio and Archives--May 1, 2023
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United States regulators said on Monday First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase & Co, in what is the third major U.S. institution to fail in two months.
The Wall Street major bank will take most of First Republic’s assets
and all the deposits, including uninsured ones, the regulators said in a
statement. ---More...
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