US Regulators Seize Troubled First Republic Bank, JPMorgan to Acquire It.
JPMorgan will "assume all deposits, including all uninsured deposits, and substantially all assets" of First Republic, the California Department of Financial Protection and Innovation said in a statement.
The California regulator appointed the Federal Deposit Insurance Corp. as receiver of the San Francisco-based bank. "Deposits are federally insured by the FDIC subject to applicable limits," the DFPI said in its statement.
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