The California State Council for Financial Protection and Innovation announced on May 5, local time, that San Francisco-based First Republic Bank has been taken over by the US banking regulator. JPMorgan Chase announced on the same day that it acquired about $1 billion in loans and about $1730 billion in bonds from First Republican Bank, while obtaining about $300 billion in deposits from the bank.
The bank became the third regional bank to be taken over. by the Federal Reserve Insurance Corporation so far this year.