Companies

JPMorgan Buys First Republic, After Regulators Seize Beleaguered Bank

JPMorgan Buys First Republic, After Regulators Seize Beleaguered Bank
A pedestrian walks by a First Republic Bank in San Francisco, California, on April 26, 2023. Justin Sullivan/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

First Republic Bank has been seized by the Federal Deposit Insurance Corp. (FDIC), which announced on May 1 that the beleaguered bank is being bought by JPMorgan Chase.

California financial regulators on May 1 ordered First Republic Bank closed, with the FDIC appointed as receiver.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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