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The Federal Deposit Insurance Corporation (Fdic) has taken possession of the First Republic Bank and concluded an agreement for the sale of most of the bank’s assets to JPMorgan Chase & Co. This was announced in a statement by the US regulatory authority. JPMorgan will take over all of First Republic’s $103.9 billion in deposits and buy the majority of its $229.1 billion in assets. It is – explains the WSJ – the second largest bank failure in US history which in the last two months has seen the three most bank crashes, including Silicon Valley Bank and Signature Bank.