JTC plans to acquire First Republic Trust Company of Delaware, a subsidiary of JPMorgan Chase Bank.
First Republic is headquartered in Wilmington and provides trust administration services to high-net-worth individuals. The company has approximately $9 billion of assets under administration.
After the acquisition, FRTC-DE will become part of JTC’s Private Client Services (PCS) division.
The acquisition of FRTC-DE builds on JTC’s position as an independent provider of trust services in the US, bringing further scale in this large, highly valuable, fast-growing, and fragmented market, a release reported.
First Republic complements JTC’s other recent acquisitions of South Dakota Trust Company and New York Private Trust Company.
The transaction remains subject to final regulatory approvals and the satisfaction of other customary closing conditions.
Nigel Le Quesne, CEO of JTC, said: “We are delighted to announce the proposed acquisition of First Republic Trust Company, subject to final regulatory approvals, and are looking forward to welcoming their highly experienced team and clients to JTC, as we further develop and expand our personal trust services in this large and fast-growing market. This is an acquisition that builds on our other recent successful acquisitions, bringing us greater scale in the US and providing opportunities to offer our wider range of services to First Republic Trust Company’s clients.”
JPMorgan Chase ended up with the trust company as part of the sale of the trust company’s failed bank First Republic. The failure of First Republic was the largest since the 2008 financial crisis.
It is not related to the Federal Deposit Insurance Corp. takeover of Republic Bank of Philadelphia and Friday’s sale of Republic to Fulton Bank.
