Here is the answer if anyone is interested.

Most investors who held First Republic brokered deposits should also be made whole, although it’s not quite as straightforward as described in the sixth FDIC FAQ:

All brokered deposits, excluding the Cede & Co deposits, have been assumed by JPMorgan Chase Bank, N.A. If you are a customer who has a First Republic Bank deposit through a broker, you must contact your broker with any questions.

This appears to contradict the first FAQ in which the FDIC states that “all deposits” were transferred to Chase. According to this sixth FAQ, First Republic brokered deposits through Cede & Co were not assumed by Chase.

This FAQ also highlights an important issue regarding brokered deposits. Much of the accounting and payment responsibility falls on your broker. As the FAQ states, “If you are a customer who has a First Republic Bank deposit through a broker, you must contact your broker with any questions.”



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