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First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank Failure

The Californian financial regulator has taken possession of First Republic, resulting in the third failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. The California Department of Financial Protection and Innovation (DFPI) said in a release early Monday that JPMorgan Chase will assume all deposits, including uninsured deposits, and “substantially all assets” of the bank.

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Left 29%

Center 49%

Right 22%

Bias Distribution

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Untracked Bias

353 other sources covering this story

Total News Sources

353

Leaning Left

73

Center

125

Leaning Right

55

Last Updated

12 months ago

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