First Republic has struck a deal to sell it to JPMorgan Chase Holdings, becoming the third major U.S. bank to collapse in two months.
According to regulatory authorities, JPMorgan will acquire most of First Republic's assets and all of its deposits, including uninsured deposits.
JPMorgan was one of several firms that have expressed interest in buying the bank, including BNC Financial Services Group and Citizens Financial Group, which have submitted final bids at an auction run by U.S. regulators.
The Federal Deposit Insurance Corporation estimated that the deposit insurance fund would cost about $13 billion. The final cost will be determined when the institution completes receivership.
Source (Al-Arabiya.net Website, Edited)
