Business

US regulator seizes First Republic Bank, sells to JPMorgan

First Republic Bank is the third major US bank to fail in two months.

By DW
First Bank Republic (Photo Courtesy: Twitter/ @MarioNawfal)
First Bank Republic (Photo Courtesy: Twitter/ @MarioNawfal) Twitter/@MarioNawfal

The California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association.

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DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.

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Also read:US banks rally to support First Republic Bank amid crunch

First Republic Bank is the third major US bank to fail in two months.

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Also read:First Republic Bank's financial woes deepen despite cash infusion

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