JPMorgan Takes Over First Republic After It’s Seized By Regulators

CNBC
By Staff of CNBC
Business News Television Channel •

JPMorgan acquired all of First Republic’s deposits and a “substantial majority of assets” after the second largest bank failure in history.


Video length: 00:02:33

 

JPMorgan (JPM) acquires First Republic Bank (FRC) directly from the FDIC.  JPMorgan acquired all of First Republic’s deposits and a “substantial majority of assets.”  This includes $173B of loans and $30B of securities. FDIC will share losses and potential recoveries from single=-family residential and commercial loans.

JPMorgan assumes $93B of deposits, including $30B of large bank deposits.  Large bank deposits will be repaid or eliminated in consolidation.

 

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