Crypto News: After long attempts by U.S regulators to rescue First Republic Bank (NYSE: FRC), JPMorgan Chase & Co (JPM.N) will be acquiring the lender. Financial regulators will be seizing the FRC before the deal. However, PNC Financial Services Group (PNC.N) and Citizens Financial Group Inc (CFG.N) were also in the race to buy out FRC.
JPMorgan Will Acquire First Republic Bank
The California Department of Financial Protection and Innovation (DFPI) announced that the regulators have taken possession of the First Republic Bank. It mentioned that the Federal Deposit Insurance Corporation (FDIC) has been appointed as the receiver of FRC. However, JPMorgan Chase is to obtain all deposits including all assets held by the lender and its uninsured deposits.
It mentioned that as of April 13, 2023, First Republic Bank’s total assets stood at around $229.1 billion. While total deposits are calculated to be around $103.9 billion. However, the deposits are insured by the FDIC to a certain extent. Read More Crypto News Here…
It is important to note that the FRC buyout deal comes in when two U.S based banks (Silicon Valley Bank and Signature Bank) collapsed in a similar manner. The collapse of the Silicon Valley bank brought the First Republic Bank into the light as it was also catering to the tech linked startup businesses. However, the First Republic Bank (NYSE: FRC) share price registered a decline of more than 75% over the last week.
Crypto Market registered a recovery rally amid the erupting banking crisis. However, the cumulative crypto market cap has dropped by over 2% over the last day to stand at $1.18 trillion.
Bitcoin (BTC) price has registered a surge of more than 22% in the last 60 days. BTC price dropped by more than 2% over the past 24 hours.
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