First Republic Bank has been seized by the Federal Deposit
Insurance Corp. (FDIC), which announced on May 1 that JPMorgan Chase will buy
the embattled bank.
On May 1, California financial regulators ordered the
closure of First Republic Bank, with the FDIC appointed as receiver.
“To protect depositors, the FDIC is entering into a purchase
and assumption agreement with JPMorgan Chase Bank, National Association,
Columbus, Ohio, to assume all deposits and substantially all of the assets of
First Republic Bank,” the FDIC stated in May. . 1.
The purchase and assumption agreement will see the FDIC
contribute an estimated $13 billion from its deposit insurance fund to sweeten
the deal, which closed late April 30 and early May 1 after several banks will
present last minute offers. theepochtimes
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