The Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation put the $229.1 billion California-based First Republic Bank into receivership today on May 1, while the FDIC also entered into a “purchase and assumption agreement” with JP Morgan-Chase Bank for the nation’s largest bank to assume First Republic’s assets as well as its $103.9 billion of deposits.
Another one bites the dust.
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