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  • homebusiness Newscompanies NewsJPMorgan buys First Republic Bank after being seized by regulators

    JPMorgan buys First Republic Bank after being seized by regulators

    JPMorgan buys First Republic Bank after being seized by regulators
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    By CNBCTV18.com May 1, 2023 1:54:14 PM IST (Published)

    Regulators took control of First Republic Bank after rescue efforts to repair the damage from bad investments and depositor runs that had shaken up smaller lenders failed. JPMorgan Chase & Co. will now purchase First Republic Bank.

    Regulators took control of First Republic Bank after rescue efforts to repair the damage from bad investments and depositor runs that had shaken up smaller lenders failed. JPMorgan Chase & Co. will now purchase First Republic Bank.

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    According to a statement from the California Department of Financial Protection and Innovation, JPMorgan would "assume all deposits, including all uninsured deposits, and substantially all assets" of First Republic.
    The Federal Deposit Insurance Corp. was named as the San Francisco bank's receiver by the California regulator. “Deposits are federally insured by the FDIC subject to applicable limits,” the DFPI said in its statement.
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