First Republic Bank Sold To JPMorgan Chase By Regulators For $10.6 Billion

Regulators have seized First Republic Bank and sold it to JPMorgan Chase. Last week saw more investors pull funds as it disclosed more than $100 billion in outflows in the first quarter. JPMorgan Chase will pay $10.6 billion as part of the deal. It will also cost the FDIC deposit insurance fund $13 billion.

As an interesting tidbit, First Republic Bank repeatedly made legal threats against this site and requested the removal of any and all mention of the bank due to publicizing various deposit bonuses they offered.

 
    William Charles
  • On May 1, 2023, 21:04

View Comments (100)

  • Had an account with FR, opened it back in 2019 for $1k+ bonus (now I know why DoC didn't post anything on it). Kept it around, thinking I might need to make use of other products later on, but didn't need anything yet. Went into the branch yesterday to close the account, they had fresh cookies and no people.

  • "As an interesting tidbit, First Republic Bank repeatedly made legal threats against this site and requested the removal of any and all mention of the bank due to publicizing various deposit bonuses they offered."

    You can't leave this juicy drama out. lol. C'mon man!

  • Maybe if they hadn't threatened this site they would have more publicity for new customers that might have prevented them from failing on such an epic scale...karma's a b*tch lol

    • Yea, the big $750 bonuses to people who give you 90 day loans is sustainable... don't even need to ship any supplements!

  • now that we know whatever FED and Treasury did back in March doesn't work for First Republic Bank

    questions is, who's next?

  • Cashed out my UR this morning. Too many variables with this one and it makes me mad that the banks just keep consolidating.

  • This is unhealthy. Big banks become too big to fail, and small banks go belly up. This is not healthy!

  • Big dogs, Eat Small Dogs !

    However this Big Dog today; Chase itself , during the real estate bubble' burst of 2008 was relieved from bankruptcy by damn Obama government and via billion dollars out of tax payers' money while 200 thousands American households lost their homes and place of living to Chase so Chase could remain in business and get even bigger and buy WaMu too !!
    Now it is getting even bigger day after day but as Bernie Sanders said once !
    "If a company is too big to fail it is too big to exist !! "
    Likely in near future we would be left with 1 -2 big banks and 1 or 2 retail giants and 1-2 mobile phone company and the rest would be wiped out of face of the earth !!
    God Bless Capitalism . God Bless America !

    • This is satire right? Because the bailout bill of 2008 was signed into law in October 2008 by George W Bush. Obama was elected the following month, November 2008. Chase bought WaMu in September of 2008 (before the TARP loans) and Bear Stearns in March of 2008 because they were the only ones with cash to do so.

      Chase was basically forced to take a loan from the feds because everyone else needed the money and would have started bank runs on every bank that wasn’t Chase if they refused. Chase paid back every cent with interest 8 months later, and American taxpayers profited $15B from the loans given out by TARP.

      • Good and easy Solution or approach for the US Government !!!!!!!!!

        Since It is better for the Corrupt US Government to let 200 thousands of their households lose their homes and go bankrupt or become homeless (those who have no voice in such government) ,
        all because of a fraudulent bank and a predatory lender like JP Morgan/Chase,
        than letting its wealthy shareholders to lose value of their shares or assets in their investment portfolio !!!
        That is how capitalism works !!! because those shareholders have a much sounding and audible voice in this government system !!

        If you have not heard it before or read the book; this is a sentence that can describe it the best :
        America; The Best Democracy Money Can Buy !! Greg Palast.

      • I have also read that every single TARP loan was repaid and it was actually one of the best investments the federal government ever made.

        • YES , you are right , The Best Investment for the US Government !!!!!!!!!

          Since It is better for the Corrupt US Government to let 200 thousands of their households lose their homes and go bankrupt or become homeless (those who have no voice in such government) ,
          all because of a fraudulent bank and a predatory lender like JP Morgan/Chase,
          than letting its wealthy shareholders to lose value of their shares or assets in their investment portfolio !!!
          That is how capitalism works !!! because those shareholders have a much sounding and audible voice in this government system !!

          If you have not heard it before or read the book; this is a sentence that can describe it the best :
          America; The Best Democracy Money Can Buy !! Greg Palast.

          • They didn't lose their homes because of Big Bad Chase or any other silly boogie man. They lost their homes through some combination of unemployment/unsustainable debt loads by those consumers. That's it.

          • In which planet do you live in ???!!!! Moon !
            What is " predatory lending practices" means in your vocabulary book there ?!!!

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