“First Republic Bank of California Taken Over by JPMorgan Chase, says FDIC”

US financial regulators have taken over the troubled First Republic Bank of California, which will be acquired by JPMorgan Chase Bank, the US Federal Deposit Insurance Corporation (FDIC) announced on Monday.

The FDIC said California regulators have closed First Republic Bank and appointed JPMorgan Chase Bank as its successor.

To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank to take over all of First Republic Bank’s deposits and substantially all of its assets, the FDIC said in a statement.

First Republic Bank, founded in 1985, has its head office in San Francisco, but is also represented on the US East Coast, including New York and Florida.

First Republic Bank’s 84 branches in eight states will reopen Monday as branches of JPMorgan Chase Bank.

First Republic Bank has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March. There were fears that this leader of regional banks could be the next to crash.