The Federal Deposit Insurance Corporation (FDIC) announced in a statement on Monday that it has taken First Republic Bank into receivership and has given JPMorgan Chase Bank a green light to "assume all of the deposits and substantially all of the assets" of the former.
Ednews informs via CNN that First Republic’s "84 offices in eight states will reopen as branches of JPMorgan," today, during normal business hours, the statement read. All of the former's depositors "will become depositors of JPMorgan ... and will have full access to all of their deposits," FDIC explained.
First Republic's total assets and total deposits, as of April 13, 2023, stood at $229.1 billion and $103.9 billion, respectively. FDIC said that it will continue to insure the deposits, adding that customers won't need to "change their banking relationship in order to retain their deposit insurance coverage." FDIC also shared that it will be entering into a "loss-share transaction on single family, residential and commercial loans" with JPMorgan.