First Republic Bank Seized by California Regulator Amid Uncertainty.
TL;DR Summary
The California Department of Financial Protection and Innovation (DFPI) has taken possession of First Republic Bank, citing unsafe and unsound business practices. The FDIC has accepted a bid from JPMorgan Chase to assume all deposits and assets of the bank. As of April 13, 2023, First Republic Bank had total assets of approximately $229.1 billion and total deposits of approximately $103.9 billion. Its deposits are federally insured by the FDIC subject to applicable limits.
- California Financial Regulator Takes Possession of First Republic Bank | The Department of Financial Protection and Innovation California Department of Financial Protection and Innovation
- Banks wait on US to decide fate of First Republic Yahoo Finance
- Deal to take over First Republic Bank could come soon | GMA ABC News
- 2nd biggest US bank failure — 5 things to know in Bitcoin this week Cointelegraph
- Government officials race to seize and sell First Republic ahead of market open NBC News
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