The US authorities have decided to intervene and close the bank “to protect depositors”.
The regulatory authorities of the United States announced this on Monday JPMorgan bought the assets of First Republic bank after its intervention and closure “to protect depositors”, after them the third entity going bankrupt in just two months in the North American country.
The Federal Deposit Insurance Company (FDIC) has expressed in a statement that it has proceeded to sell assets to JPMorgan Chase “to protect depositors”.
For example, he has emphasized that JPMorgan will acquire “all deposits” and “substantially all of First Republic Bank’s assets” after making an offer to acquire all of First Republic’s deposits. “As part of the transaction, First Republic’s 84 offices in eight states will reopen as affiliates of JPMorgan Chasestarting today and during office hours,” he clarified.
Last March, 11 US banks came to the rescue of First Republic Bank with a A $30 billion injection. As of April 13, First Republic Bank had approx $229.1 billion in total assets and another 103.9 billion in total deposits.
FRB currently has approximately $173 billion in loans, $30 billion in securities and $92 billion in deposits. “remains FDIC insured”.
The couch fell one fifty% Tuesday, one 30% Wednesday and more than one 40% on Friday, the last closing.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
