Following the bank's seizure, JPMorgan Chase submitted the winning bid to assume control of First Republic Bank's deposits.
“The DFPI took action pursuant to California Financial Code section 592, subdivisions and , specifically ‘conducting its business in an unsafe or unsound manner’ and being in a ‘condition that … is unsafe or unsound’ to transact banking business,” the California regulator detailed.
Since the fall of Wamu, the collapse of First Republic Bank is now the second-largest bank failure in the United States. In terms of the size of insolvency, it is followed by the collapses of Silicon Valley Bank and Signature Bank. On Monday, JPMorgan Chase announced that it would be hosting a conference to discuss the transaction at 8:30 a.m. Eastern Time.
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