The US financial authorities seized the California-based First Republic bank.
It is expected to be acquired by the “JP Morgan” bank, according to what the government regulator for the sector announced today, Monday, after the failure of efforts to rescue the troubled bank.
“To protect depositors, the FDIC is entering into a buyout and acquisition agreement with JPMorgan Chase, the National Association, and Columbus, Ohio to take over all deposits and all assets of First Republic Bank,” the FDIC said in a statement.
This article was originally published by RT.
Photo by: RTE