On Monday, JPMorgan Chase disclosed that it had acquired deposits from First Republic Bank as well as "a significant amount of their assets and certain liabilities.
Before the acquisition, First Republic, a California-based business with eight locations, had a difficult week. Several dozen times last week.
The FDIC briefly took over management before overseeing the sale through a competitive bidding process.
This acquisition modestly benefits our company overall, is accretive to shareholders, helps further advance our wealth strategy, and is complementary to our existing franchise.
JPMorgan says First Republic's 84 locations will become JPMorgan Chase Bank branches on Monday and depositors can access their money.