The California Department of Financial Protection and Innovation (DFPI) has taken over San Francisco-based First Republic Bank, appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC accepted a bid from JPMorgan Chase Bank to assume all deposits and most of the assets of First Republic Bank. This is the third financial institution to be taken under government control this year, with the FDIC and DFPI taking steps to ensure the safety and soundness of the financial system.
Posts tagged as “National Association”
Signature Bank, one of the largest banks in the US, has failed, with the FDIC announcing that New York Community Bancorp has purchased substantially all of Signature's deposits and assets worth $38.4 billion. Flagstar Bank, a subsidiary of New York Community Bank, has taken over substantially all deposits and certain loan portfolios of Signature Bridge Bank, National Association. The FDIC is working to ensure customers of Signature Bank will have access to their deposits and receive the same level of service.