JPMorgan Chase acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation. As part of the purchase, JPMorgan Chase is assuming all insured and uninsured deposits.
According to Timothy Burniston, a regulatory compliance expert at Wolters Kluwer Compliance Solutions, markets should be reassured by the response of federal regulators to maintain stability in the U.S. banking system in the wake of the collapse of Silicon Valley Bank and Signature Bank.
Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.
First Republic Bank appointed Neal Holland executive vice president and CFO and Olga Tsokova deputy CFO, effective Nov. 2. Tsokova will continue to serve as executive vice president and chief accounting officer in addition to her new responsibilities as deputy CFO.
First Republic Bank named Mike Roffler acting co-CEO of the company and appointed him to the company’s board of directors. As previously announced, Roffler also began service as president for the company on Jan. 1.
Jim Herbert, chairman and co-CEO of First Republic Bank, will take a medical leave of absence starting on Jan. 1. Hafize Gaye Erkan will continue to serve as co-CEO and George G.C. Parker will serve as acting chairman. The bank also appointed Mike Roffler president, effective Jan. 1.
PJT Partners completed its acquisition of CamberView Partners Holdings. First Republic Bank provided a $30 million term loan to support the transaction.
Hamilton Lane Advisors closed a credit facility comprised of a term loan in an aggregate principal amount of $75 million and a revolving credit facility up to an aggregate principal amount of $25 million.
First Republic announced that Mike Selfridge, senior executive vice president, has been promoted to the role of chief banking officer, reporting to chairman and CEO Jim Herbert