JPMorgan Chase Takes Over First Republic Bank.
NBC reports that federal regulators have taken over First Republic Bank, which will be sold to JPMorgan.
.
NBC reports that federal regulators have taken over First Republic Bank, which will be sold to JPMorgan.
.
This event marks the third major bank in less than two months to go under.
It is also the largest bank to collapse since the 2008 financial crisis.
.
The Federal Deposit Insurance Corp.
Made the announcement on Monday morning.
.
First Republic had $229.1 billion in total assets at the time of its closure.
.
The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system .., Treasury Department spokesperson, via NBC.
... to fulfill its essential function of providing credit to businesses and families, Treasury Department spokesperson, via NBC.
In the first quarter of this year, First Republic reported a lose of around 40% of it deposits.
.
After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer.
.
After the fall of Silicon Balley Bank and Signuature bank earlier this year, depositors moved their money to banks they deemed safer.
