San Francisco-based First Republic has struggled since the collapses of Silicon Valley Bank and Signature Bank in early March.
NEW YORK — Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
The Federal Deposit Insurance Corporation said early Monday that First Republic Bank’s 84 branches in eight states will reopen as branches of JPMorgan Chase Bank and depositors will have full access to all of their deposits. As of April 13, First Republic had approximately $229 billion in total assets and $104 billion in total deposits, the FDIC said.
Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019’s first quarter, when its full-time workforce was 4,600.
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