- JPMorgan Chase & Co will acquire First Republic Bank in a government-led deal for the failed lender.
- First Republic was the second-biggest bank failure in US history and the fourth regional lender to collapse since early March.
- JPMorgan acquired about $173bn of First Republic's loans, $30bn of securities and $92bn in deposits.
- JPMorgan expects to recognize a one-time gain of $2.6bn tied to the transaction and the transaction is expected to generate more than $500m of incremental net income a year.
- Marianne Lake and Jennifer Piepszak, co-CEOs of JPMorgan’s consumer and community banking unit, will oversee the acquired First Republic business.
JPMorgan Ends First Republic’s Turmoil After FDIC Seizure
JPMorgan Chase & Co. agreed to acquire First Republic Bank in a government-led deal for the failed lender, putting to rest one of the biggest troubled banks remaining after turmoil engulfed the industry in March.
Jennifer Surane
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