The American Lawyer: Deal Watch: Davis Polk, O’Melveny Work First Republic Bank Buy in Busy Week for M&A
May 1, 2023
The Federal Deposit Insurance Corp. (FDIC) took control of First Republic Bank yesterday and struck a deal to sell it to JPMorgan Chase & Co. Based in San Francisco, First Republic is the third bank to fail this year and is the second-largest bank to fail in US history. In March, First Republic lost US$100 billion in deposits but was kept afloat by a group of banks that collectively deposited US$30 billion. O’Melveny & Myers LLP was engaged to represent a committee of First Republic’s independent directors to assist in navigating the period of unprecedented financial stress.
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