FDIC has announced First Republic Bank was closed today by the California Department of Financial Protection and Innovation and was instantly sold off to JPMorgan Chase.
JP Morgan has bought $173 billion of loans, $30 billion of securities and $92 billion of deposits as well as some 84 offices in eight states.
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- Source: https://www.trustnodes.com/2023/05/01/fdic-loses-13-billion-on-jp-morgan-acquisition-of-first-republic
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