CNN's Panel on Antisemitism Was a Total Trainwreck
Reporter Gave a Laughable Reason for Why We Can't Trust Polls Now
I'm Not So Sure Bill Clinton Is the Person to Lead Point on...
CBS News' Margaret Brennan Got Wrecked By Scott Bessent and Marty Makary Over...
Watch Scott Jennings Obliterate a Reporter Over Her 'Both Sides' Nonsense on Political...
The Democrats Are the Party of Antisemitic Terrorism
Trump's New Nickname for Joe Biden Is Spectacular
If Democrats Had the Truth on Their Side They Wouldn’t Have to Lie...
They Tried to Silence a Chinese Dissident in America — It Backfired Badly
Hey You, Get Off My Crowd
Hey You, Get Off of My Crowd
Republicans Could Make History on Gun Rights
Trump Cracks Down on Arizona’s Illegal Immigrant Tuition Scheme
Fetterman Breaks with Democrats on Israel, Border, Trump Policies Amid Party Backlash
So, This Is Why ICE Agents Wear Masks
Tipsheet

Regulators Seize First Republic in Second-Largest US Bank Failure, Sell to JPMorgan

In a deal announced early Monday, regulators accepted a bid from JPMorgan Chase to buy most of First Republic Bank’s assets in what is the second largest bank failure in U.S. history.

Advertisement

"The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic Bank. The FDIC has accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank," the California Department of Financial Protection and Innovation said in a statement.

“The DFPI took action pursuant to California Financial Code section 592, subdivisions (b) and (c), 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 statement added. “As of April 13, 2023, First Republic Bank, based in San Francisco, had total assets of approximately $229.1 billion and total deposits of approximately $103.9 billion. Its deposits are federally insured by the FDIC subject to applicable limits.

Advertisement

In a statement, Jamie Dimon, Chairman and CEO of JPMorgan Chase, said their "financial strength" and "business model" helped them carry out the transaction in a way that minimizes "costs to the Deposit Insurance Fund."

“Our government invited us and others to step up, and we did,” he added. 

A Treasury Department spokesperson remained positive about the development. 

“Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors,” the spokesperson said, according to Reuters. 


Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement