American First Republic to be acquired by JPMorgan
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The US financial authorities seized the California bank First Republic Bank.
It is expected to be acquired by JP Morgan, according to a statement from the sector’s state regulator today, Monday, after efforts to rescue the troubled bank failed.
“To protect savers, the FDIC is entering into a buyout and acquisition agreement with JPMorgan Chase, the National Association and Columbus, Ohio to accept all deposits and all assets of First Republic Bank,” the FDIC said in a statement.
Source: AFP.
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