Another US bank closed - JP Morgan to acquire assets of this Bank
Another bank has died in the Banking Crisis. First Republic Bank, which has been facing cash crunch for a long time, has given up. This bank is closed. At the same time, JP Morgan is taking over the assets of this bank. JP Morgan Chase & Co said on Tuesday that it has bought a substantial portion of FRB’s assets. Along with this, some liabilities of the bank have also come with it. News agency Reuters has given this information.
“All First Republic deposits, including all uninsured deposits and most assets, will move to JP Morgan,” the California Department of Financial Protection and Innovation said in a statement. First Republic Bank’s 84 branches located in eight states will now reopen under the name of JPMorgan Chase Bank’s branch.
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