JPMorgan Chase Bank, National Association acquired substantially all assets of First Republic Bank (OTCPK:FRCB) on May 1, 2023. Under the terms of the agreement, JPMorgan Chase Bank will assume all of the deposits and substantially majority of the assets of First Republic Bank, including approximately $173 billion of loans and approximately $30 billion of securities, assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation. JPMorgan Chase is not assuming First Republic's corporate debt or preferred stock. JPMorgan will make a cash payment of $10.6 billion to FDIC. The acquired First Republic businesses will be overseen by JPMorgan Chase's Consumer and Community Banking (CCB) Co-CEOs, Marianne Lake and Jennifer Piepszak. All regulatory approvals have been received. Federal Deposit Insurance Corporation (FDIC) acted as receiver in the transaction. The transaction is expected to be modestly EPS accretive. Margaret E. Tahyar, Lee Hochbaum, Randall D. Guynn, Paul D. Marquardt, Luigi L. De Ghenghi, Eric McLaughlin, James A. Florack, Ledina Gocaj and Albert Zhu of Davis Polk & Wardwell LLP acted as legal advisors to JPMorgan. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to JPMorgan Chase Bank, National Association in this transaction.

JPMorgan Chase Bank, National Association completed the acquisition of substantially all assets of First Republic Bank First Republic Bank (OTCPK:FRCB) on May 1, 2023.