First Republic Bank collapses; Chase takes over

Jake Sullivan
Like Love Haha Wow Sad Angry

JP Morgan Chase is set to take over the troubled  bank First Republic in a deal brokered by regulators.

The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic Bank had collapsed on Monday.

Investment banking giant JP Morgan will take on all of the deposits and the majority of First Republic’s assets.

First Republic is the third US bank to collapse in recent months, which has prompted fears of wider banking crisis.


What Are Your Thoughts?


Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!