US-based First Republic Bank Closed
- 01-May-2023
- 6 Comments
US-based First Republic Bank was closed on Monday and entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in a bid to protect depositors.
‘To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,’ US agency Federal Deposit Insurance Corporation said in a statement.
As part of the agreement, First Republic Bank’s 84 offices in eight states in the US will reopen as branches of JPMorgan Chase Bank, National Association starting today.
All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
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