Why First Republic Bank Was Seized and Sold to JPMorgan?
Patrick Boyle On Finance
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The FDIC's Bid to Buy First Republic Bank
First Republic lost $100 billion of customer deposits in the quarter ending April 24th. JP Morgan ended up acquiring $173 billion in loans from First Republic and approximately $30 billion of securities. The FDIC's brief takeover of the bank allowed the agency to enter into a five year burden sharing agreement with JP Morgan which we'll discuss in greater detail shortly on interest rate rises.
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