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First Republic sold to JPMorgan Chase
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Banking, Consumer Protection, Financial Stability, Government Oversight
Wednesday, May 3, 2023
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Following almost two months of efforts to recover from the impact of the Silvergate, Signature, and Silicon Valley Bank collapse, First Republic Bank was taken into receivership by the Federal Deposit Insurance Corp. (FDIC) and sold to JPMorgan Chase.
The FDIC has said it will cover a portion of any losses incurred on First Republic’s portfolio of single-family residential mortgage loans.
Read on for more details.
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