The banking vertical is causing some concerns in markets, but, apparently, the effects won’t be felt just yet as dealmakers had one of their stronger weeks of 2023.
May 01, 2023 at 05:50 PM
9 minute read
Yes, yes, First Republic Bank is a mess and JPMorgan Chase, advised by Davis Polk & Wardwell, did have to buy the bank out to stop it from going under (O’Melveny & Myers advised a committee of the independent board of directors for FRB). But the rest of the week in M&A was quite strong.
In the deal, JPMorgan acquired about $173 billion in loans and $30 billion in securities and will assume responsibility for $92 billion in deposits, including $30 billion in large bank deposits.
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A First Republic Bank location at 111 Pine St. in San Francisco. Photo by Hillary Jones-Mixon.
