JPMorgan Chase agreed Monday to assume most of First Republic Bank’s assets, along with its deposits and certain liabilities in a sale orchestrated by the Federal Deposit Insurance Corp.
The deal was finalized overnight after California’s Department of Financial Protection and Innovation closed First Republic and appointed the FDIC as receiver. First Republic’s 84 locations in an eight-state footprint were set to reopen under the JPMorgan banner Monday.
The nation’s largest bank is taking in roughly $173 billion of First Republic’s loans, $30 billion of securities and $92 billion in deposits as part of the deal.
