The California Department of Financial Protection and Innovation (DFPI) announced Monday that it has closed First Republic Bank and reached an agreement to sell its assets to JPMorgan Chase & Co. and National Association, the third major US bank to fail in two months.
First Republic Bank, closed by US authoritiesPhoto: Jeff Chiu / AP / Profimedia
JPMorgan Bank was one of several interested buyers, including PNC Financial Services Group and Citizens Financial Group Inc, which submitted final bids in an auction organized by US regulators on Sunday, sources familiar with the situation told Reuters .
The deal for First Republic, which had total assets of $229.1 billion as of April 13, comes less than two months after Silicon Valley Bank and Signature Bank filed for bankruptcy amid a wave of deposit withdrawals by their depositors lenders, forcing the Federal Reserve to intervene with emergency measures to stabilize financial markets.
These setbacks came after cryptocurrency-focused Silvergate went into voluntary liquidation.
2023-05-01 08:03:00
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