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First Republic's failure and rescue Monday is a jarring reminder that US banks continue to navigate a crisis nearly two months after Silicon Valley Bank collapsed.
But despite a speedy takeover by JPMorgan, First Republic's failure shows the banking crisis is far from over.at a cost of about $13 billion to the regulator. The lender suffered a flight of deposits in the first quarter of 2023, leaving it scrambling to address a liquidity crunch.that it would acquire $92 billion of First Republic deposits. Its core customer base was very wealthy clients who rarely defaulted on loans.
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Why First Republic Bank CollapsedFirst Republic’s collapse spells the end of one of the most successful strategies in banking: luring wealthy depositors and giving them five-star service
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First Republic Bank seized, sold to JPMorgan ChaseRegulators seized troubled First Republic Bank early Monday 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.
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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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First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
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Jamie Dimon: JPMorgan was asked to 'step up' with First Republic rescueJamie Dimon says JPMorgan rescued First Republic because the government asked his bank 'to step up, and we did'
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First Republic bank collapses, JPMorgan to take over, FDIC saysBREAKING: JPMorgan Chase is set to take on “all of the deposits and substantially all of the assets of First Republic Bank” after the Federal Deposit Insurance Corporation confirmed that the troubled bank had collapsed on Monday.
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