First Republic Bank’s 84 branches in eight states will reopen Monday as branches of JPMorgan Chase Bank.
NEW YORK — The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all deposits and most of the assets of troubled First Republic Bank.
Regulators searched for a solution to First Republic Bank’s woes over the weekend, hoping to find a way forward before U.S. stock markets opened Monday.San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors grew increasingly worried the bank may not survive as an independent entity. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago.
First Republic has been seen as the bank most likely to collapse next due to its high amount of uninsured deposits and exposure to low interest rate loans.
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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.
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FDIC asks JPMorgan, PNC for final First Republic bids, Bloomberg reportsThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday.
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FDIC asks JPMorgan, PNC for final First Republic bids: BloombergThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported.
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