First Republic Bank seized, sold to JPMorgan Chase

JPMorgan Chase Bank on Monday acquired the deposits and “substantial majority of assets” of the struggling First Republic Bank, which regulators seized in the second-biggest U.S. bank failure ever.

“Our government invited us and others to step up, and we did,” JPMorgan Chase Chairman and CEO Jamie Dimon said in a statement. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.

“This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise.”

With News Wire Services