Another Bank Fails

“JPMorgan Chase is buying most assets of First Republic Bank and assuming all of the lender’s deposits in a deal announced Monday that was arranged by the US Federal Deposit Insurance Corporation,” CNN reports.

Wall Street Journal: “San Francisco-based First Republic, the second-largest bank to fail in U.S. history, lost $100 billion in deposits in a March run following the collapse of fellow Bay Area lender Silicon Valley Bank. It limped along for weeks after a group of America’s biggest banks came to its rescue with a $30 billion deposit.”

“Three of the four largest-ever U.S. bank failures have occurred in the past two months.”