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JPMorgan Chase buys First Republic following second Bay Area bank run

Original post made on May 2, 2023

JPMorgan Chase Bank will assume all the deposits of First Republic Bank, including all uninsured deposits and nearly all of First Republic's assets, state regulators said Monday.

Read the full story here Web Link posted Tuesday, May 2, 2023, 9:12 AM

Comments (3)

Posted by caseyc
a resident of Downtown North
on May 2, 2023 at 10:40 am

caseyc is a registered user.

I guess we’re supposed to be glad that Chase took over First Republic — unless you care about the protecting our climate. Chase continues to pump billions into fossil fuel extraction and production while the ecosystem suffers on. You can help stop this money pipeline! If you bank with Chase, move your money to a credit union or community bank.

Posted by sequoiadean
a resident of Los Altos
on May 2, 2023 at 1:41 pm

sequoiadean is a registered user.

A few months ago, I moved my checking account from Chase to First Republic for the reasons caseyc described above. I loved the service First Republic provided, and their better environmental stance. Now it looks like I'm back with Chase! I will look at other banks to switch to now.

Posted by Mondoman
a resident of Green Acres
on May 2, 2023 at 8:59 pm

Mondoman is a registered user.

It's disappointing to see top management at banks like SVB (and WaMu in the last crisis) mismanage their banks for personal gain, squeezing out maximum reported profit by cutting spending on hedging and other safeguards that would have kept their banks in business.

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