It is the third major US bank to collapse in two months
The California Department of Financial Protection and Innovation (DFPI) has accepted an offer from JPMorgan Chase Bank and by the National Association, Columbus, Ohio for its asset management.
The big Wall Street investment bank will acquire most of First Republic’s assets, and all deposits, including uninsured ones, regulators said in a statement.
The FRB is the third largest American bank which collapsed within two months.
JPMorgan Chase & Co. announced for its part that it acquired a significant majority of the assets, assuming also specific financial obligations of First Republic Bank (FRB).
JPMorgan was one of several interested buyers, including PNC Financial Services Group and Citizens Financial Group Inc that submitted final bids on Sunday in an auction conducted by U.S. regulators, sources familiar with the matter told Reuters.
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