JPMorgan Chase Acquires Failed First Republic Bank

The Associated Press reports:

Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.

San Francisco-based First Republic is the third midsize bank to fail in two months. It is the second-biggest bank failure in U.S. history, behind only Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan.

First Republic has struggled since the March collapses of Silicon Valley Bank and Signature Bank and investors and depositors had grown increasingly worried it might not survive because of its high amount of uninsured deposits and exposure to low interest rate loans.

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BREAKING: Regulators have seized First Republic Bank and sold it to JPMorgan Chase. https://t.co/m1HRiXYEXh

— The Associated Press (@AP) May 1, 2023