First Republic Bank to Be Sold to JPMorgan

JPMorgan's bid to take over First Republic Bank has been accepted by the FDIC after the bank was seized by regulators. JPMorgan will manage $103 billion in deposits. An official statement from the controller is awaited. This marks the third bank takeover in recent months, following Silicon Valley and Signature Bank. The FDIC will incur a cost of $13 billion, and branches in eight states will reopen. A loss-sharing agreement is in place for single-family homes and commercial properties.

Which bank's bid was accepted by the FDIC, leading to control over First Republic Bank's assets?

• Bank of America

• Wells Fargo

• JPMorgan

• Citibank

What recent trend is highlighted in the context of banks assuming new control?

• Rise in bank closures

• Decrease in bank mergers

• Increase in interest rates

• Banks acquiring new control

What is the estimated cost to the FDIC due to the recent bank acquisition?

• $20 billion

• $15 billion

• $13 billion

• $10 billion

How many branches in eight states are expected to reopen following the acquisition?

• 2 branches

• 4 branches

• 6 branches

• 8 branches

What type of agreement is mentioned in relation to single-family homes and commercial property?

• Equity-sharing agreement

• Profit-sharing agreement

• Loss-sharing agreement

• Revenue-sharing agreement