First Republic Bank Seized & Sold to JPMorgan Chase

Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday

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As part of the deal, 84 First Republic branches in eight states reopened as JPMorgan branches on Monday

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First Republic is the second largest U.S. bank by assets to collapse after Washington Mutual

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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

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The takeover of First Republic by the Federal Deposit Insurance Corporation and sale to JPMorgan was announced hours before U.S. markets opened

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Investors welcomed JPMorgan’s takeover, sending the bank’s stock 3.5 percent higher Monday.

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