US regulators said First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase, in what is the third major US institution to fail in two months
"Our government invited us and others to step up, and we did," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund."
It said the bank would be "very well-capitalized" after with a common equity tier one ratio consistent with its first quarter 2024 target of 13.5%, and maintain healthy liquidity buffers. JPMorgan has been on an acquisition spree since 2021, acquiring more than 30 companies in deals worth more than $5 billion combined.
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