Citizens Financial Group Inc and PNC Financial Services Group were also contenders.
JPMorgan Chase will be taking over all deposits, both insured and uninsured.
First Republic Bank (NYSE: FRC) is being acquired by JPMorgan Chase & Co (JPM.N) after extensive efforts by U.S. authorities to save the bank failed. The FRC will be seized by financial authorities in advance of the sale. However, Citizens Financial Group Inc (CFG.N) and PNC Financial Services Group (PNC.N) were also contending to acquire FRC.
Authorities from the state of California’s Department of Financial Protection and Innovation (DFPI) have seized First Republic Bank. It was revealed that FRC’s assets had been turned over to the FDIC as receiver. JPMorgan Chase, however, will be taking over all deposits, both insured and uninsured.
Banking Crisis Continues
On April 13, 2023, it was reported that First Republic Bank had around $229.1 billion in total assets. It is estimated that there are a total of $103.9 billion
We współpracy z: https://thenewscrypto.com/jpmorgan-all-set-to-acquire-struggling-first-republic-bank/
