Details
Written by: RJ
Chase is purchasing the failed First Republic Bank from the FDIC for $10.6 billion. Chase will take on most of First Republic’s assets. Reuters also reports Chase and the FDIC signing a loss-share agreement on single family, residential and commercial loans it bought, but will not take First Republic Bank’s corporate debt or preferred stock.
Chase has assumed all of the bank’s deposits and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. Chase will take on $173 billion of loans, $30 billion of securities and $92 billion of deposits.
PNC & Citizens were also in the mix during an auction held this past Sunday. First Republic is the biggest bank failure since Washington Mutual in 2008. Which was also purchased by Chase.
First reported by Reuters
Advertisers Disclosure:
Some of the links and other products that appear on this website are from companies which Profitable Content will earn an affiliate commission or referral bonus.
Editorial Note:
Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.