First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank
Bailout arrived for First Republic Bank. Federal Deposit Insurance made the announcement, specifying that JPMorgan Chase Bank will take over all deposits and most of the bank’s assets. Cell note, the federal agency specifies that as part of the agreement, the 84 offices of the First Republic Bank in eight states will reopen as branches of the JPMorgan Chase Bank, National Association starting today during normal business hours. All First Republic Bank customers will automatically become JPMorgan Chase Bank customers and will have full access to all their deposits.
The rescue operation provides for the protection of deposits by the Fdic, as specified by the federal agency itself, specifying that customers will not have to make changes to maintain their insurance coverage on deposits up to the applicable limits. First Republic Bank customers should continue to use their existing branch until otherwise notified by JPMorgan Chase Bank and the National Association. As of April 13, 2023 – recalls the Federal Deposit Insurance Corporation – First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits. In addition to taking over all deposits, JPMorgan Chase Bank has agreed to buy all of First Republic Bank’s assets.
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