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JPMorgan Acquires Bulk of First Republic Bank Assets in Largest Banking Failure Since 2008

Regulators from the Federal Deposit Insurance Corporation seized the struggling First Republic Bank early on Monday, agreeing to sell the bulk of the bank's operations to JPMorgan Chase. This constitutes the largest banking failure since the 2008 financial crisis. JPMorgan agreed to seize $173 billion...

First Republic Auction Gets Underway

The auction for the struggling First Republic Bank is underway, with Guggenheim Securities advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process. Approximately half a dozen bidders have entered the race to acquire the bank, sources familiar with the matter reported. Among those...

FDIC Set to Take Over First Republic After Rescue Attempts Fail

First Republic will likely be the latest victim of the U.S. banking crisis. According to Reuters, the bank will be taken over by Federal Deposit Insurance Corporation (FDIC) after recent rescue attempts didn’t have a positive outcome. Unlike several other mid-sized banks like Signature Bank...