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.

Thank you for watching! visit us for more such updates! swipe up to see next: DING LIREN WINS 2023 FIDE WORLD CHESS CHAMPIONSHIP