JP Morgan to acquire First Republic Bank after US financial authorities seize the lender
The rescue comes less than two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to stabilize markets. Those failures came after crypto-focused Silvergate voluntarily liquidated.
California regulators seize First Republic Bank; JP Morgan Chase is taking over all deposits and most assets, reports AP, Pic- Reuters