JP Morgan Chase bank has acquired most stakes of the failing First Republic Bank that became the latest of the banks that failed to secure assets of the depositors.
JM Morgan Chase CEO Jamie Dimon said in a statement that his bank acquired the substantial majority of assets and assumed the deposits, insured and uninsured, of First Republic from the Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers.
“Our government invited us and others to step up, and we did the deal that is also a good one for our bank’s shareholders,” he said.
A Treasury Department spokesperson said, “Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors,” “The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families
Source: Kuwait News Agency