JPMorgan Chase has acquired First Republic Bank

ChainCatcher news, JPMorgan Chase has become the winner of the weekend auction for First Republic Bank, acquiring all of the bank's deposits and "the vast majority of its assets."

According to reports, JPMorgan's acquisition of First Republic Bank will include approximately $173 billion in loans and about $30 billion in bonds, while also acquiring around $92 billion in deposits from First Republic Bank, which includes $30 billion in deposits provided by several large banks recently.

Previous report stated that last weekend, large banks including JPMorgan Chase and PNC Financial Services Group were competing to acquire First Republic Bank. (Source link)