JPMorgan buys First Republic Bank

It was reported that First Republic Bank, which was mentioned in the banking crisis in the USA, has been closed and its assets will be acquired by JPMorgan Chase Bank. The agreement means that all depositors, including those above the $250,000 insurance limit, will continue to have access to their money when the bank opens. In a statement made by the Federal Deposit Insurance Fund (FDIC), it was stated that the California Department of Financial Protection and Innovation closed First Republic. It was conveyed in the statement that all of the bank's $93.5 billion deposits (including uninsured deposits) and most of its assets will be sold to JPMorgan, and that it is estimated that the sale of First Republic will cost the FDIC $13 billion. In the statement, it was reported that First Republic had total assets of $229.1 billion and deposits of $103.9 billion as of April 13. The 84 offices of the seized bank in 8 states will reopen as branches of JPMorgan Chase Bank as of tomorrow. First Republic Bank became the third bank in the U.S. in two months to go bankrupt following a sharp rise in interest rates. The decline in First Republic Bank's shares deepened after it announced its first-quarter earnings report last week, and fell sharply as hopes for a bailout deal that could keep the bank afloat faded. Shares fell more than 50 percent on Friday and have lost about 99 percent of their value since the beginning of the year.