First Republic Becomes the Latest Bank to Fool Around and Find Out ...Middle East

Regulators took over First Republic Bank on Monday, marking the third bank collapse since the start of this year.First Republic was viewed as the next weak link in the U.S. banking sector, following the collapse of Silicon Valley and Signature Banks in March. A last-ditch effort to save First Republic by injecting it with cash failed.Following a weekend auction, the Federal Deposit Insurance Corporation announced Monday that JPMorgan Chase would take over First Republic’s assets and deposits, effective immediately. JPMorgan and the FDIC will split the losses and loans.Much like Silicon Valley Bank, First Republic was a specialized lender. It focused on wealthy customers, at one point countin

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First Republic Becomes the Latest Bank to Fool Around and Find Out ...Middle East

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