Second-Largest Bank Failure in US History Underway as Regulators Seize First Republic, Strike Billion-Dollar Deal

Posted on AllSides May 1st, 2023

A San Francisco-based bank collapsed on Monday and was seized by the federal government and quickly sold to JPMorgan Chase following for billions of dollars in what was the second-largest bank failure in U.S. history. First Republic Bank operated 84 locations in eight states but did not have the capital to hand to handle withdrawals during a bank run that commenced following the collapse of two other mid-size banks in March, the Associated Press reported. The bank was founded in 1985 and, similarly to Silicon Valley Bank and New York-based...

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