JPMorgan to buy embattled First Republic Bank after seizure by regulators

JPMorgan Chase & Co has agreed to buy First Republic Bank after the regulatory authorities took over the troubled lender. JPMorgan will assume all of First Republic’s uninsured and insured deposits, in addition to substantially all of its assets, according to a statement by the California Department of Financial Protection and Innovation. The move came after the regulator saw fewer opportunities for a rescue and private-sector efforts failed to produce a deal.

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