JPMorgan bank 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. reg…
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.
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. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about $13 billion. The final cost will be determined when the FDIC terminates the receivership.
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Regulators Seize First Republic Bank, Sell to JPMorgan Chase in Third Major Bank Failure of 2023NEW: Regulators seize troubled First Republic Bank and sell all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
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FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
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