> Images of First Republic Bank HQ as regulators take possession of troubled bank / 33E79V7
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Images of First Republic Bank HQ as regulators take possession of troubled bank / 33E79V7
Clip ID 2187786
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Description
US financial authorities take possession of California's troubled First Republic Bank, which will be acquired by JPMorgan Chase, government regulators announce in the latest banking failure. JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said.
First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter, causing its shares to plummet.
The takeover comes in the wake of two other banks seizures this year; FDIC seized Silicon Valley Bank in April, and Signature Bank was seized in March. IMAGES