The American banking giant JPMorgan Chase (NYSE:JPM) is set to acquire First Republic Bank’s (FRB) assets after early efforts to rescue it failed. JPMorgan and multiple other banks submitted a bid to acquire the assets of troubled FRB on April 29.
The California Department of Financial Protection and Innovation closed FRB on May 1 and entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC then entered into a purchase and assumption agreement with JPMorgan to protect depositors.