First Republic Bank seized, sold to JPMorgan Chase

NEW YORK (AP) — The Federal Deposit Insurance Corp. says JPMorgan Chase Bank will take over all assets of troubled First Republic Bank. The FDIC said California regulators closed First Republic and appointed it as receiver. It said JPMorgan Chase will assume “all of the deposits and substantially all of the assets of First Republic Bank.” Regulators had been working to find a way forward before U.S. stock markets opened Monday (May 1, 2023). San Francisco-based First Republic has struggled since the collapses of Silicon Valley Bank and Signature Bank in early March. They added to worries that the bank may not survive as an independent entity for much longer.