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First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase



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Regulators seized control of First Republic Bank and sold it to JPMorgan Chase on Monday, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system.First Republic is the second largest U.S. bank by assets to collapse after Washington Mutual, which failed during the financial crisis of 2008 and was also acquired by JPMorgan.Founded in 1985 and the 14th largest U.S. bank as of earlier this year, First Republic’s assets were battered by the rise in interest rates, and the company had struggled to stay alive after two other lenders collapsed in March, spooking depositors and investors.The takeover of First Republic by the Federal Deposit Insurance Corporation and sale to JPMorgan was ann …

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