First Republic Bank has agreed to sell its assets to JPMorgan Chase & Co and the National Association, making it the third major US bank to fail in two months. JPMorgan Bank was one of several interested buyers, including PNC Financial Services Group and Citizens Financial Group Inc, that made a final bid on Sunday in an auction organized by US regulators, sources familiar with the matter said over the weekend. The deal for First Republic, which had assets worth $229.1 billion as of April 13, comes less than two months after Silicon Valley Bank and Signature Bank failed amid a run on deposits from U.S. lenders, forcing the Federal Reserve to to intervene with emergency measures to stabilize markets. These bankruptcies came after the voluntary liquidation of cryptocurrency-based Silvergate. (Reporting by Saeed Azhar, Nupur Anand, Tatiana Bautzer in New York and Akriti Sharma in Bengaluru; editing by Stephen Coates, Kirsten Donovan and Emelia Sithole-Matarise).
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
