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First Republic Takeover & Media Trust Poll | 5.2.23
Morning Wire
The JP Morgan Chase Purchase of First Republic Bank
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JP Morgan Chase agreed to take over First Republic Bank, the fledgling institution which collapsed in March amid widespread turmoil in the banking industry. On Monday, all 84 of First Republic's branches across eight states reopened as JP Morgan branches and customers once again had access to their deposits in full. As part of the purchase, JP Morgan will also share First Republic's financial losses with the FDIC, which is offering $50 billion in financing of its own.
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