FRC - First Republic Bank is seized will be sold to JPMorgan

2023-05-01 04:00:22 ET

Regulators have taken possession of First Republic Bank ( NYSE: FRC ), resulting in the third failure of an American regional bank since the collapse of Silicon Valley Bank ( OTC:SIVBQ ) and Signature Bank ( OTC:SBNY ) in March.

The Federal Deposit Insurance Corporation has been appointed as receiver and accepted a bid from JPMorgan ( NYSE: JPM ) to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank.

"As of April 13, 2023, First Republic Bank, based in San Francisco, had total assets of approximately $229.1B and total deposits of approximately $103.9B. Its deposits are federally insured by the FDIC subject to applicable limits."

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