Here's the Real Reason JPMorgan Chase Wanted to Buy First Republic
Recently, JPMorgan Chase (NYSE: JPM) acquired most of the assets and certain liabilities from First Republic (NYSE: FRC), which was seized by state regulators and placed into receivership under the Federal Deposit Insurance Corp. (FDIC).
There were lots of reasons to do the deal, whether it was to try and stabilize the banking sector or lessen the blow to the FDIC's Deposit Insurance Fund (DIF), which banks are on the hook for.
But after losing more than $100 billion of deposits in the first quarter and now sitting on a large portfolio of mortgages and securities that have been significantly marked down, First Republic is a shell of its former self. Here's the real reason JPMorgan Chase wanted to buy the bank.
Source Fool.com
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