Trump Again Unleashes on 'Cryin' Chuck Schumer
Establishment GOP Scrambling to Fend Off MAGA Insurgent Nate Morris
How Texas Gov. Greg Abbott Intends to Nuke the Dems' Plan to Block...
Ted Cruz Says What Everyone’s Been Whispering About Biden for Years
She Blamed Trump for Rising Prices—His Clapback Was Brutal
Nancy Mace Just Made a Huge Announcement
This Is How a Dating App Turned Romance Into a Battleground
Californians Making Us Proud Following Ninth Circuit Decision
Newsom to California Voters: Let Me Rig the Maps Like Texas
Illegal Alien With Multiple Arrests Kills Mom and Daughter in New Jersey Crash
Trump’s Border Policy Is Doing What Biden Never Could
'Operation Seek and Ye Shall Find Out' Arrests 48 Child Predators
A United Airlines Flight Declared 'Mayday' Shortly After Takeoff
President Trump Is Passing a Moral Litmus Test That Many Others Are Failing
Trump: Sydney Sweeney's American Eagle Campaign Is the 'Hottest' Ad Around
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