May 1, 2023
US Regulators seized First Republic Bank.
NEW - First Republic Bank has been seized by U.S. regulators. The bank will be sold to JPMorgan Chase.
This is the second largest bank failure in U.S. history. FDIC estimates a $13 billion loss to the deposit insurance fund.
U.S. Treasury said the country's banking system "remains sound and resilient" after the bank's collapse this morning.
JPMorgan CEO says the banking system is "sound" after assimilating First Republic Bank, expects more consolidation.
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