May 1, 2023 | image source
The FDIC took control of the insolvent First Republic Bank, and the bulk of the bank’s assets and deposits were sold to JP Morgan. Less than two months after Signature Bank and Silicon Valley Bank failed, First Republic was the 14th largest US bank by assets, becoming the second biggest bank failure in history. No doubt, the banking and investment industry will profit immensely from the downfall while average people could face major economic challenges.
Another One Down? First Republic Bank Is Failing (theorganicprepper.com)
Link to Article HERE
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Reactions: JPMorgan buys First Republic Bank’s assets | Reuters
May 1 (Reuters) – JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank’s (FRC.N) assets after U.S. regulators seized the troubled bank.
The collapse marks the third major U.S. lender to fail in less than two months, after a week of panic which saw First Republic lose 75% of its market value as its future turned murkier.
Link To Full Article HERE
Regulators seize First Republic Bank, sell assets to JPMorgan | Reuters
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