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    Home»News»Business»JPMorgan to Purchase First Republic Bank
    Business

    JPMorgan to Purchase First Republic Bank

    Anietie DavidBy Anietie DavidMay 2, 2023Updated:May 2, 2023No Comments2 Mins Read
    JPMorgan to Purchase First Republic Bank
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    First Republic Bank became the second American bank to fall this year after all attempts to resurrect the ailing platform failed . The First Republic Bank has now been taken over by the California Department of Financial Protection and Innovation (DFPI).

    The Californian financial regulator named the Federal Deposit Insurance Corporation (FDIC) as receiver, and JPMorgan’s offer for the bank’s assets was rejected.

    In a press release, the financial services corporation acknowledged the acquisition of all of First Republic’s deposits. These include approximately $173 billion in loans and $30 billion in securities, as well as the assumption of nearly $92 billion in deposits, $30 billion of which are large bank deposits. The latter will be reimbursed or removed through consolidation.

    As part of the agreement, the FDIC stated that 84 First Republic Bank offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association. All of the lender’s depositors will become depositors of JPMorgan Chase Bank, National Association, with full access to their funds.

    Commenting on the takeover, Jamie Dimon, Chairman and CEO of JPMorgan Chase, said,

    “Our government invited us and others to step up, and we did. Our financial strength, capabilities, and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund. This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”

    JPMorgan anticipates a $2.6 billion one-time post-tax gain, which does not include the $2.0 billion in post-tax restructuring charges expected over the following 18 months.

    The news comes just a month after Big Banks, a group of 11 major US banks, invested $30 billion to help sustain the First Republic.

    Blockchain Featured First Republic Bank
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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