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The assets backing the debt will range from personal and auto loans to royalties, residential and commercial mortgages, aircraft loans and net-asset-value loans.
JPMorgan will take over First Republic’s assets, including about $173 billion of loans and $30 billion of securities, as well as $92 billion in deposits.
Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.
August 6, 2020
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Flush with capital from the sale of its stake in BlackRock, PNC is willing to go big on an acquisition but would be wary of buying a bank with a heavy concentration of consumer loans, CEO William Demchak said.