JPMorgan draws analyst praise as Wall Street cheers the deal to make the U.S.'s largest bank even bigger in the largest FDIC bank auction since 2008
JPMorgan Chase & Co.’s victory in the competitive auction for First Republic Bank drew praise from analysts as a historic deal that will grow the larger bank’s wealth-management franchise.
In the second-largest U.S.-brokered bank deal since Washington Mutual in 2008, JPMorgan Chase JPM announced Monday it would buy First Republic Bank FRC in what CEO Jamie Dimon described as a transaction to put an end to the regional banking blow-up that has dominated the business since early March. UBS analyst Erika Najarian reiterated a buy rating on JPMorgan Chase and said the acquisition of First Republic will provide a “tailwind for JPM shares and the elegant solution the sector needed to put acute liquidity fears to bed.”
Moody’s analyst Peter E. Nerby cited “the complementary fit of First Republic’s franchises within the wealth management platform of JPM as well as the structural benefits of the FDIC assisted purchase and assumption transaction that help offset the execution risk.”
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PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auctionRegulators have been trying to arrange a sale of First Republic over the weekend, with roughly half a dozen banks bidding, in what is likely to be the third major U.S. bank to fail in two months.
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JPMorgan Chase Agrees To Acquire First Republic Bank’s Deposits After FDIC InterventionJPMorgan Chase has agreed to assume all deposits of First Republic bank as part of a deal inked with the FDIC.
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Regulators Seize First Republic Bank, Sell To JPMorgan ChaseFirst Republic Bank’s 84 branches in eight states will reopen Monday as branches of JPMorgan Chase Bank.
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JPMorgan Chase to take over most assets of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
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First Republic bank collapses, JPMorgan to take over, FDIC saysBREAKING: JPMorgan Chase is set to take on “all of the deposits and substantially all of the assets of First Republic Bank” after the Federal Deposit Insurance Corporation confirmed that the troubled bank had collapsed on Monday.
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