The regional bank will be subject to the FDIC and then resold directly.
(Photo: Bloomberg)
Denver, Frankfort The crisis-ridden First Republic Bank is taken over by the largest US bank, JP Morgan Chase. The Wall Street Institute announced this early Monday morning. JP Morgan will assume all deposits, including uninsured ones, and “substantially all of the assets” of the bank, the statement said.
First Republic had recently been placed under the US deposit insurance FDIC and was then largely sold directly to JP Morgan. The FDIC will absorb some of the resulting losses, especially for home loans and commercial real estate, JP Morgan said.
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