First Republic Bank has been sold to JPMorgan Chase after regulators seized it on Monday, making it the third major bank to fail in two months.The Department of Financial Protection and Innovation (DFPI) said it has closed the San Francisco-based bank and agreed a deal to sell its assets after it had failed to come up with a workable rescue plan.DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, and said it accepted a bid from JPMorgan Chase Bank to assume all deposits.
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