JPM - JPMorgan Chase Plans to Acquire Most of First Republic's Assets -- Shares Are Rising
2023-05-01 10:48:05 ET
Shares of JPMorgan Chase (NYSE: JPM) , the largest bank by assets in the U.S., traded more than 3% higher as of 10:36 a.m. ET today after the bank announced that it would acquire most of the assets from First Republic Bank (NYSE: FRC) .
Earlier this morning, the Federal Deposit Insurance Corp. (FDIC) announced that First Republic, which had lost more than $100 billion of deposits in the first quarter of the year, had been seized by California state banking regulators, which then named the FDIC as a receiver.
The FDIC then announced that JPMorgan would acquire most of the assets from First Republic for $10.6 billion. The deal includes $173 billion of First Republic assets and nearly $30 billion of securities, as well as $92 billion of deposits and $28 billion of Federal Home Loan Bank borrowings.
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JPMorgan Chase Plans to Acquire Most of First Republic's Assets -- Shares Are Rising