This was the second biggest bank failure in history.
Whether First Republic’s death is ultimately a consequence of problems specific to the bank or an indicator of sectorwide peril will be hotly debated. It is undoubtedly a continuation of the chaos that flared up last month whenby a series of erupting powder kegs.
In early March, the California bank Silvergate folded after its crypto investments proved unwise; Silicon Valley Bank then succumbed to the pressure of high interest rates and its particularly undiversified portfolio , making for the largest financial-institution collapse in the country since 2008; and New York bank Signature likewise fell prey to a bank run, spurring the U.S. government to take over all three companies.
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First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
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First Republic Bank seized, sold to JPMorgan ChaseRegulators have seized troubled First Republic Bank 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. First Republic on Monday becomes 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. First Republic suffered a modern day bank run after the collapse of Silicon Valley Bank and Signature Bank, a run fueled by the speed of social media and digital withdrawals that an be made in seconds from a phone.
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FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
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FDIC accepts JPMorgan Chase Bank's purchase of First Republic BankSan Francisco-based First Republic is the third midsize bank to fail in two months.
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