US regulators said First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase, in what is the third major US institution to fail in two months
"Our government invited us and others to step up, and we did," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund."
It said the bank would be "very well-capitalized" after with a common equity tier one ratio consistent with its first quarter 2024 target of 13.5%, and maintain healthy liquidity buffers. JPMorgan has been on an acquisition spree since 2021, acquiring more than 30 companies in deals worth more than $5 billion combined.
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 »