JPMorgan snaps up First Republic assets
Financial Express Mumbai|May 02, 2023
Third major US bank to fail in 2 months, largest collapse since 2008 
SCOTT MURDOCH & NIKET NISHANT
JPMorgan snaps up First Republic assets

JPMORGAN CHASE SAID on Monday it will buy most of First Republic Bank's assets after regulators seized the troubled lender at the weekend, marking the third failure of a major US bank in two months.

Under the deal, which came after an auction, JPMorgan will pay $10.6 billion to the US Federal Deposit Insurance Corp (FDIC) for most of the assets of the San Francisco-based bank, whose failure is the largest since Washington Mutual in 2008.

JPMorgan, already the biggest bank in the United States, has also entered into a loss-share agreement with the FDIC on single-family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock.

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