US Regulator Seizes First Republic Bank, to Sell Assets to JP Morgan
United States regulators said on Monday First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase & Co, in what is the third major U.S. institution to fail in two months.
The Wall Street major bank will take most of First Republic’s assets and all the deposits, including uninsured ones, the regulators said in a statement.
JPMorgan was one of several interested buyers including PNC Financial Services Group, and Citizens Financial Group Inc which submitted final bids on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said over the weekend.
Read More at the New York Post
