'Our government invited us and others to step up, and we did,' he said. JPMorgan CEO Jamie Dimon touted the acquisition in a statement early Monday morning. 'All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.' 'First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours,' the FDIC said in a statement. The California Department of Financial Protection and Innovation said Monday it had taken possession of First Republic and appointed the FDIC as receiver. By way of comparison, the SVB process cost the fund about $20 billion. The transaction will cost the FDIC's Deposit Insurance Fund an estimated $13 billion, according to the regulator. The weekend auction, which drew bids from JPMorgan Chase and PNC, as well as interest from other banks, was a 'highly competitive bidding process,' according to the FDIC. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
