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