First Republic to Be Acquired by JPMorgan Chase
$106 Billion Deal Pending FDIC Approval
Original Reporting by The New York Times and Reuters
In a major financial move, JPMorgan Chase & Co. is set to acquire First Republic Bank in a deal valued at $106 billion. The deal, which still requires approval from the Federal Deposit Insurance Corporation (FDIC), would combine two of the nation's largest retail banks.
As of the first quarter of 2023, First Republic reported total assets of $233 billion. The acquisition would significantly expand JPMorgan Chase's presence in the Western United States, where First Republic has a strong market share. The combined entity would have over $4 trillion in assets, becoming one of the largest banks in the country.
The FDIC has been reviewing bids for First Republic after it was determined that the bank was in distress. The FDIC is expected to make a decision on the deal soon. If approved, it would mark the largest bank acquisition since the financial crisis of 2008.
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