At present, First Republic Bank has been officially taken over by the Federal Deposit Insurance Corporation of the United States and will be acquired by JPMorgan Chase. The California Department of Financial Protection and Innovation (DFPI) said in a statement that JPMorgan Chase will "assume all deposits of First Republic, including all uninsured deposits, and substantially all assets." Currently, First Republic Bank has total assets of approximately US$229.1 billion and total deposits of approximately US$103.9 billion.
The Federal Deposit Insurance Corporation of the United States stated that in the future, the First Republic Bank office will reopen as a branch of JPMorgan Chase. Deposits at First Republic Bank will continue to be insured by the FDIC, and customers do not need to change their banking relationships. Their deposits are safe and can be withdrawn smoothly. Customers of First Republic Bank should continue to use their existing branches until they receive notification from JPMorgan Chase Bank National Association. The bank has now completed system changes that allow other branches of JPMorgan Chase Bank National Association to also handle its accounts. (Jinshi)
