MOSCOW, May 1. JPMorgan Chase bought the deposits and assets of First Republic Bank (FRB), according to releases from US regulators.
«First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation (DFPI), which has appointed the Federal Deposit Insurance Corporation (FDIC) as administrator. To protect depositors, the FDIC enters into a buy-and-take agreement with JPMorgan Chase, <…> to accept all deposits and substantially all assets of First Republic Bank,» the FDIC said in a release.
The FDIC release notes that as of April 13, FRB had $229.1 billion in assets and $103.9 billion in deposits. And under the terms of the acquisition, 84 FRB locations in eight states will reopen as JPMorgan Chase locations.
Prior to the opening of the main exchange trading as of 11:06 Moscow time, First Republic Bank shares are depreciating by 34.47%, to $2.3, Friday's closing price was $3.51 ( a 43.3% drop on the day).
The bank's shares plummeted in price back in March due to concerns about the banking sector: on March 13, the shares fell 61.83% to $31.21 from $81.76 at the last close. At the end of March, the share price was already below $15, and since April 26, it has been below $10. As of the end of February, the bank's shares were worth approximately $123.