US Federal regulators have seized First Republic Bank and sold it to JP Morgan Chase in what is the third US institution to fail in two months. It was seized by the California regulators with the remains of the deposits now assumed by JP Morgan.
First Republic is the second largest bank failure in US history with an estimated 13 billion dollars lost to deposit insurance fund according to FDIC. First Republic will reopen its 84 offices on Monday as JP Morgan Chase
According to JP Morgan, it’s acquisition of First Republic Bank will generate a one-time gain of 2.6 billion dollars.