WASHINGTON, May 1 (Reuters) - The U.S. Treasury
Department is encouraged that First Republic Bank was
resolved with the least cost to the Deposit Insurance Fund, and
believes the U.S. banking system remains sound and resilient, a
Treasury spokesperson said early Monday.
U.S. regulators on Monday seized First Republic, the third
major U.S. institution to fail in two months, with JPMorgan
Chase & Co agreeing to take $173 billion of the bank's
loans and $30 billion of its securities, including $92 billion
of deposits.
"Treasury is encouraged that this institution was resolved
with the least cost to the Deposit Insurance Fund, and in a
manner that protected all depositors," the spokesperson said.
(Reporting by Andrea Shalal, editing by Ed Osmond)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.