The failure of First Republic marks the latest fallout from the banking industry turmoil that began in March. From Silicon Valley Bank's collapse to the takeover of Credit Suisse, here’s a timeline of the events.
The troubles initially arose with, followed shortly after by the seizure of Signature Bank by federal regulators.
The three banks served wealthy clients and businesses with large accounts that exceeded the federally insured limit of $250,000, making their deposit bases more vulnerable to flight with any signs of stress.
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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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JPMorgan Chase takes over First Republic after U.S. seizure of ailing bankJPMorgan acquired all of First Republic's deposits and a 'substantial majority of assets.' Its shares rose 2.6% in premarket trading on the news.
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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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US Dollar firm as First Republic gets closure – BBH'We finally have some closure on First Republic; the deal clears the deck for global monetary tightening to continue unabated,' not analysts at BBH. R
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First Republic Sold to JPMorgan Chase as Regulators Step InJPMorgan Chase said it had “acquired the substantial majority” of First Republic’s assets, including about $173 billion of loans and $30 billion of securities.
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