Bye Bye First Republic, Hello JPM

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  1. #1

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    Bye Bye First Republic, Hello JPM

    First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.

    JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
    https://www.fdic.gov/news/press-rele...3/pr23034.html

    Questions:

    - Preventable?
    - Who is next?
    - Will and if it does, how will it affect the next fed hike

  2. #2

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    First Republic seized by California regulator, JPMorgan to assume all deposits

    https://www.cnbc.com/2023/05/01/firs...ndroidappshare


  3. #3

    Join Date
    Jul 2010
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    542

    it was always on the card, wasn't it? it was just a matter who? JPM or WF or Citi.

    BTW, wasn't FR problem was more an accounting problem?