RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

First Republic Bank Acquired by JPMorgan After Collapse

Rate Captain by Rate Captain
May 1, 2023
in Banking
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

After weeks of speculation surrounding the fate of First Republic Bank (FRB), the California-based bank has finally collapsed, with the Federal Deposit Insurance Corporation (FDIC) announcing that it will be sold to JPMorgan.

The FDIC confirmed that it will be entering into a purchase and assumption agreement with JPMorgan Chase Bank to assume all of FRB’s deposits and assets. This includes $229.1 billion in assets and $103.9 billion in total deposits, with all depositors now becoming customers of JPMorgan Chase.

AlsoRead

Nigerian Senate Amends CBN Act and Extends Supplementary Budget Implementation

What Nigerian should know about the new Dual-Purpose Debit Card and National Identity Card

FG approves NIN, debit card merger.

In a statement, the FDIC said that the move was made to “protect depositors” and that it will continue to insure deposits at an estimated cost of $13 billion to its insurance fund. The purchase process was described as “highly competitive” with JPMorgan and PNC among the banks that submitted bids over the weekend.

First Republic Bank had been on the brink of collapse since the Silicon Valley Bank crisis, and its eventual downfall was no surprise. However, the resolution into its next chapter was relatively quick.

With the sale of FRB to JPMorgan, the bank will acquire all assets and deposits, along with 84 offices in eight states. The deal is expected to close soon, and JPMorgan will now be responsible for managing all deposits and assets of FRB’s former customers.

The collapse of FRB will undoubtedly have a significant impact on the banking sector in California and across the country. However, the acquisition by JPMorgan should help to minimize the impact, and depositors can be reassured that their money will remain safe and insured.

Previous Post

CBN Debunks Reports It Plans to Phase Out Redesigned Naira Notes

Next Post

Mastercard Unveils Crypto Credential Service for Cross-Border Transactions

Related News

CBN Excludes NSPMC from Approved Cheque Printers.

Nigerian Senate Amends CBN Act and Extends Supplementary Budget Implementation

by Rate Captain
May 27, 2023
0

  In a significant move, the Nigerian Senate has recently made amendments to the Central Bank of Nigeria (CBN) Act,...

What  Nigerian should know about the new Dual-Purpose Debit Card and National Identity Card

What Nigerian should know about the new Dual-Purpose Debit Card and National Identity Card

by Rate Captain
May 25, 2023
0

In a significant development, the Federal Government of Nigeria has announced that commercial banks in the country can now issue...

FG approves NIN, debit card merger.

FG approves NIN, debit card merger.

by Rate Captain
May 25, 2023
0

The Federal Executive Council has granted approval to a memorandum presented by the National Identity Management Commission (NIMC), allowing commercial...

CBN Excludes NSPMC from Approved Cheque Printers.

What CBN’s Interest Rates Hikes Means for Nigerians

by Rate Captain
May 24, 2023
0

In a move to address the persistently high inflation rate and various economic challenges, the Central Bank of Nigeria (CBN)...

Next Post

Mastercard Unveils Crypto Credential Service for Cross-Border Transactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

May 27, 2023
CBN Excludes NSPMC from Approved Cheque Printers.

Nigerian Senate Amends CBN Act and Extends Supplementary Budget Implementation

May 27, 2023

Popular Story

  • Apple’s Market Cap Surpasses the Entire UK Stock Market: A Phenomenon Worth Examining

    Apple’s Market Cap Surpasses the Entire UK Stock Market: A Phenomenon Worth Examining

    0 shares
    Share 0 Tweet 0
  • Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

    0 shares
    Share 0 Tweet 0
  • Nigeria Hopes to Supply More LNG to Europe Next Winter

    0 shares
    Share 0 Tweet 0
  • MainOne Graduate Trainee Program now open to Nigerian applicants.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>