Responsibility for the bank's assets and deposits has been taken over by JPMorgan Chase.
The United States Treasury is insisting the American banking system remains"sound and resilient" after First Republic Bank was closed by regulators on Monday in the second-largest bank failure in U.S. history.
This is the third central bank failure of 2023, following the collapse of Silicon Valley Bank and Signature Bank. A person walks past a First Republic bank branch in Manhattan on April 24, 2023, in New York City. The bank was sold to JPMorgan Chase after being seized by California regulators on May 1, 2023.Shares in First Republic, which is based out of San Francisco, collapsed by over 75 percent last week after the bank announced depositors had withdrawn $100 billion during March.
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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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