Crypto News: After long attempts by U.S regulators to rescue First Republic Bank (NYSE: FRC), JPMorgan Chase & Co (JPM.N) will be acquiring the lender. Financial regulators will be seizing the FRC before the deal. However, PNC Financial Services Group (PNC.N) and Citizens Financial Group Inc (CFG.N) were also in the race to buy out FRC.

Also Read: Bitcoin Poised To Hit $1 Million; Arthur Hayes Drops This Signal

The California Department of Financial Protection and Innovation (DFPI) announced that the regulators have taken possession of the First Republic Bank. It mentioned that the Federal Deposit Insurance Corporation (FDIC) has been appointed as the receiver of FRC.

It mentioned that as of April 13, 2023, First Republic Bank’s total assets stood at around $229.1 billion. While total deposits are calculated to be around $103.9 billion. However, the deposits are insured by the FDIC to a certain extent. Read More Crypto News Here…

(THIS IS A DEVELOPING STORY)