Washington, May 1: First Republic Bank in San Francisco, California was closed on Monday by the California Department of Financial Protection and Innovation (CDFPI), which appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver, the FDIC said in a press release.
The FDIC announced the bank's closure in a news release on Monday. First Republic Bank has 84 branches, including one in Newport Beach on MacArthur Boulevard.
JPMorgan Chase Bank to Purchase First Republic Bank mynewsla.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mynewsla.com Daily Mail and Mail on Sunday newspapers.
New Delhi: US-based First Republic Bank was closed on Monday (local time) by the local regulators and entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of the troubled bank in a bid to protect depositors.
“To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank,