Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
and investors and depositors had grown increasingly worried it might not survive because of its high amount of uninsured deposits and exposure to low interest rate loans.
“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of JPMorgan Chase. Before Silicon Valley Bank failed, First Republic had a banking franchise that was the envy of most of the industry. Its clients — mostly the rich and powerful — rarely defaulted on their loans. The bank has made much of its money making low-cost loans to the wealthy, which reportedly included Meta Platforms CEO Mark Zuckerberg.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Regulators Seize First Republic Bank, Sell To JPMorgan ChaseFirst Republic Bank’s 84 branches in eight states will reopen Monday as branches of JPMorgan Chase Bank.
Leer más »
Big banks including JPMorgan Chase, Bank of America asked for final bids on First RepublicU.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon.
Leer más »
PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auctionRegulators have been trying to arrange a sale of First Republic over the weekend, with roughly half a dozen banks bidding, in what is likely to be the third major U.S. bank to fail in two months.
Leer más »
JPMorgan Chase Agrees To Acquire First Republic Bank’s Deposits After FDIC InterventionJPMorgan Chase has agreed to assume all deposits of First Republic bank as part of a deal inked with the FDIC.
Leer más »
JPMorgan Chase to take over most assets of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
Leer más »