First Republic customers will keep all their money, but company’s stock is worth zero in its current form
JPMorgan Chase & Co. will protect all insured and uninsured deposits for customers at First Republic Bank as part of its acquisition of the bank, the merging financial institutions said Monday.
As JPMorgan Chase JPM announced its win in a government-led auction of First Republic Bank, the bank said it would step in starting Monday to serve all of the clients of the bank and protect its deposits. NN: Talk about a sweetheart insider deal. All together they take over 500 billion with assets and no liabilities……. 50 billion in FDIC preferred infusion of financing at a fr 7 years free money rate for 7 years…