On May 1, 2023, the Federal Deposit Insurance Corporation
("FDIC") seized control of First Republic Bank
("First Republic") and then, as receiver of First
Republic, entered into a purchase and assumption agreement
("P&A") with JPMorgan Chase Bank, National
Association, Columbus, Ohio ("JPM"), to assume all of the
deposits and substantially all of the assets of First Republic,
including qualified financial contracts ("QFCs"). The
asset transfer was thus carried out via the P&A Agreement, in
accordance with the Federal Deposit Insurance Act
("FDIA") and became effective without the consent of
counterparties under those QFCs.
Previously, subsequent to the failure of Silicon Valley Bank
("SVB") and Signature Bank ("Signature"), on
March 13, 2023, the FDIC also facilitated the transfer of QFCs from
the failed banks to newly established bridge banks, Silicon Valley
Bridge Bank, N.A. and Signature Bridge Bank, N.A., respectively,
and ultimately to First Citizens
