Federal regulators sold recently failed regional lender First Republic Bank to JPMorgan Chase on Monday, enabling America’s largest bank to expand even more and spurring concerns about consolidation in the industry, economists told the Daily Caller News Foundation.
JPMorgan Chase agreed to take on all of First Republic’s $92 billion in deposits and is additionally purchasing the vast majority of the failed bank’s assets, including roughly $173 billion in loans and $30 billion in securities, according to a JPMorgan Chase press release. The giant had $3.7 trillion in assets and $2.4 trillion in deposits as of March 31.
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