Similar Stories to Overnight Bank Seize; First Republic Bank Is Now Chase on Bing News

Federal regulators seized First Republic Bank early this morning and sold it to JPMorgan Chase Bank in a deal aimed at quelling weak links in the nation’s banking industry. Via the Washington Post: In a statement issued early Monday, the Federal Deposit Insurance Corp. said that all depositors of First Republic Bank will become depositors of JPMorgan and will have full access to their deposits. The deal involved a “highly competitive bidding process,” the FDIC said in its statement, but it did not say what JPMorgan is paying to purchase First Republic. Under the deal, JPMorgan acquires “substantially all” First Republic assets and agrees to assume responsibility for all of its deposits, including those above the federal insurance limit of $250,000 per account.

BING NEWS:
  • Consumer group urges FDIC to publicly release failed-bank probes
    Americans for Financial Reform wants investigations into the directors and executives of Silicon Valley Bank, Signature Bank and First Republic Bank released before the Jan. 20 inauguration.
    12/9/2024 - 5:10 am | View Link
  • More

 

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