JPMorgan Chase & Co said on Monday it will buy most of First Republic Bank’s assets after regulators seized the troubled lender at the weekend, marking the third failure of a major U.S. bank in two months.
JPMorgan Chase & Co will buy most of First Republic Bank’s assets in a last-ditch rescue led by U.S. regulators, marking the third major U.S. institution to fail in two months.
JPMorgan Chase & Co , the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank’s assets after U.S. regulators seized the troubled bank.
JPMorgan Chase & Co is buying most of First Republic Bank’s assets, which had been seized by United States regulators, in a last-ditch rescue for the strained lender, marking the third major U.S. bank to fail in two months.
Regulators have been trying to arrange a sale of First Republic over the weekend, with roughly half a dozen banks bidding, in what is likely to be the third major U.S. bank to fail in two months.
At the time of Silicon Valley Bank’s collapse, the number of outstanding safety and soundness warnings from Federal Reserve bank supervisors had mushroomed to three times the average for a bank its size, according to a report released on Friday.
The U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported.
News of the move came as the Fed and FDIC detailed their supervisory lapses before deposit runs caused the collapse of Silicon Valley Bank and Signature Bank in March.
India’s Kotak Mahindra Bank on Saturday reported a better-than-expected 26% increase in net profit for the January-March quarter, helped by higher net interest income and strong loan growth.
