A pedestrian walks previous a First Republic Bank in San Francisco on April 26, 2023. The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all deposits and a lot of the belongings of troubled First Republic Bank
| Photo Credit: AP
The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all deposits and a lot of the belongings of troubled First Republic Bank.
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The FDIC mentioned early on May 1 that California regulators had closed First Republic and appointed it as receiver. JPMorgan Chase will assume “all of the deposits and substantially all of the assets of First Republic Bank,” it mentioned in a press release.
First Republic Bank’s 84 branches in eight states will reopen on May 1 as branches of JPMorgan Chase Bank.
Regulators had been working to discover a method ahead earlier than U.S. inventory markets opened on May 1. San Francisco-based First Republic has struggled because the collapses of Silicon Valley Bank and Signature Bank in early March. They added to worries that the financial institution could not survive as an unbiased entity for for much longer.
