SACRAMENTO – Governor Gavin Newsom issued the below statement today after the California Department of Financial Protection and Innovation (DFPI) announced that it appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic Bank. The FDIC has accepted a bid from JPMorgan Chase Bank, National Association, which will assume all deposits of First Republic Bank.

“In close partnership and coordination with the FDIC, California DFPI took decisive and critical action to stabilize the situation, avert layoffs, and protect Californians. The swift action by FDIC to secure a purchaser for the bank will protect depositors, including uninsured depositors.”