JPMorgan Takes Over First Republic Bank
Source: SOPA Images / Getty
NEW YORK– JPMorgan Chase is buying most assets of First Republic Bank after the nation’s second-largest bank failure ever.
The deal was announced early Monday to protect the deposits of First Republic’s customers. The FDIC took control of First Republic and then immediately worked the sale with Chase, which is the nation’s largest bank.
The failure will cost the FDIC about $13 billion. That money will be paid by the nation’s banks, which pay premiums to support the agency.
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