Following the bank's seizure, JPMorgan Chase submitted the winning bid to assume control of First Republic Bank's deposits.
“The DFPI took action pursuant to California Financial Code section 592, subdivisions and , specifically ‘conducting its business in an unsafe or unsound manner’ and being in a ‘condition that … is unsafe or unsound’ to transact banking business,” the California regulator detailed.
Since the fall of Wamu, the collapse of First Republic Bank is now the second-largest bank failure in the United States. In terms of the size of insolvency, it is followed by the collapses of Silicon Valley Bank and Signature Bank. On Monday, JPMorgan Chase announced that it would be hosting a conference to discuss the transaction at 8:30 a.m. Eastern Time.
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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.
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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.
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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.
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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.
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First Republic Bank seized, sold to JPMorgan ChaseRegulators 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.
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FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
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