US regulator seizes First Republic Bank, sells to JPMorgan
The California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and reached an agreement to sell its assets to JPMorgan Chase & Co and the National Association.
DFPI named the Federal Deposit Insurance Corporation (FDIC) as First Republic recipient and said it had accepted an offer from JPMorgan Chase Bank, National Association, Columbus, Ohio, to take over all deposits.
First Republic Bank is the third major US bank to fail in two months.
This is a breaking news article that will be updated.
dh/fb (AFP, Reuters)
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.