THE California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association, in what is the third major U.S. bank to fail in two months.
JPMorgan bank was one of several interested buyers including PNC Financial Services Group, and Citizens Financial Group Inc, which submitted final bids on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said over the weekend.
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