JP Morgan to take over major US bank First Republic
JP Morgan Chase is set to take over the troubled US bank First Republic in a deal brokered by regulators.that First Republic Bank had collapsed on Monday.
The San Francisco-based lender's shares fell by more than 75% last week after it admitted that customers had withdrawn $100bn of deposits in March. He added that the acquisition would "modestly benefit" the firm and would be "complementary" to the existing business. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday after regulators seized control and immediately sold to the Wall Street institution.
Founded in 1985, First Republic is a mid-sized US lender, similar to Silicon Valley Bank. For years, it has catered to wealthy clients - whose money was at risk before the deal was announced after a weekend of negotiations.When Silicon Valley Bank and Signature collapsed, the FDIC said it would guarantee all deposits to prevent a rush of people trying to get their money out, which is known as a run on a bank.
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