I hadn't seen in other reporting that government intervention was required to circumvent regulations which would have otherwise prevented the transaction.
That said, this source doesn't seem particularly authoritative.
Edit: the FT article covers regulatory intervention in its opening paragraph.
This is blogspam, there is an even a meme photoshop of the CEO's face on a Leo di Caprio image macro.
So what happens if you have open CDs with First Republic? Assume the accrued value is below the $250K limit. Does it get paid off at the accrued value up to the seize date or do those CD holders now own JPMC backed CDs at the prior rates?
Curious as for a time the rates for First Republic CDs were well above their peers.
Theoretically you'd have a JPMC CD today since it's considered a deposit account.
This centralization of banking is necessary to facilitate implementation of CBDC. Please continue using your regional banks. Our freedom depends on it.