Another continuation of the First Republic story, here comes the rescue!?

After the recent problems and another collapse of the Bank of America, we have new news. It seems that the U.S. doesn't want to let another crash happen, so over the weekend there were talks about ways to solve the $FRC problem

Finally, a savior has been found. JPMorgan Chase $JPM-0.3% will take over prime assets and take over the deposit base.

JPMorgan Chase & Co. agreed to take over 100% of First Republic Bank's deposits and certificates of deposit for a total value of approximately $143 billion. The transaction is expected to be completed by the end of 2023. Both companies agreed that this transaction is a win-win and will bring many benefits to both parties.

First Republic Bank is one of the most prestigious banks in the U.S. and serves high net worth and corporate customers. The transaction with JPMorgan could help make the bank more attractive to its customers, who could have access to a broader portfolio of financial products and services.

The move by JPMorgan is part of a growing trend of mergers and acquisitions in the U.S. banking industry and strengthens its position as one of the largest banking institutions in the country.

The takeover of First Republic Bank's deposits will benefit both JPMorgan and First Republic Bank, which will gain access to more financial resources and new financial products. The transaction is expected to be completed by the end of 2023.

It is clear that the US probably does not want to allow any more crashes that would further deepen the crisis in the banking sector, and so perhaps there is hope for the shareholders of this company. According to the statement, 84 branches in 8 states will reopen as of May 1, 2023 $FRC