First Republic stock crashes 46% as regulators seize the bank and JPMorgan takes it over
First Republic marks the second-largest bank failure in US history, with $230 billion in assets as of April 13. It's also the third regional bank to be taken over by federal regulators following SVB and Signature Bank.
As part of the deal, First Republic's 84 offices in eight states will reopen as JPMorgan branches on Monday. The latter will not, however, assume First Republic's corporate debt or preferred stock.in March when a group of 11 banks led by JPMorgan, Bank of America, and Wells Fargo provided a lifeline in attempt to save it from meeting the same fate as Silicon Valley Bank and Signature Bank.
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