US In Focus
First Republic Bank Seized & Sold to JPMorgan Chase
Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday
As part of the deal, 84 First Republic branches in eight states reopened as JPMorgan branches on Monday
First Republic is the second largest U.S. bank by assets to collapse after Washington Mutual
Founded in 1985 and the 14th largest U.S. bank as of earlier this year, First Republic’s assets were battered by the rise in interest rates
The takeover of First Republic by the Federal Deposit Insurance Corporation and sale to JPMorgan was announced hours before U.S. markets opened
Investors welcomed JPMorgan’s takeover, sending the bank’s stock 3.5 percent higher Monday.
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