JPMorgan acquires First Republic Bank

US banking giant JP Morgan Ch is set to acquire all of First Republic Bank’s (FRC) assets after initial bailouts failed. JPMorgan, along with several other banks, filed a bid to acquire the assets of the troubled FRC on April 29.

The California Department of Financial Protection and Innovation closed the FRC on May 1 and entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) as liquidator. The FDIC then entered into a sale and purchase agreement with JPMorgan Chase Bank to protect depositors.

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JPMorgan will take over all of First Republic Bank’s assets, including uninsured deposits. The FRC currently has $229.1 billion in assets in the form of $103.9 billion in deposits.

As part of the transfer, 84 First Republic Bank branches in eight states will reopen as JPMorgan Chase Bank.

This is an evolving story and more information will be added as it becomes available.