JTC PLC (LSE:JTC) agreed to acquire First Republic Trust Company of Delaware LLC (FRTC-DE) from JPMorgan Chase Bank, National Association for $21 million on April 22, 2024. As reported, the consideration is subject to customary working capital adjustments, will be settled in cash. Post-completion of the acquisition, FRTC-DE will become part of JTC's Private Client Services division.

For the year ended December 31, 2023, FRTC-DE generated revenue of $10.2 million, and net income of $4.5 million. The gross assets of the subject of the transaction are $26.6 million as at December 31, 2023. FRTC-DE's highly experienced team and their clients will join JTC.

The transaction remains subject to final regulatory approvals and satisfaction of other customary closing conditions. The acquisition is expected to be accretive to EPS in the first full year of ownership.