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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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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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