This has been going on since the weekend. Completion of the auction/deal means that First Republic Bank offices will reopen as JP Morgan branches thereafter. This breakdown shows that First Republic Bank has total deposits of approximately $104 billion and total assets of approximately $229 billion.
First Republic Bank taken over by California regulator, JP Morgan takes over all deposits.
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First Republic is the second largest bank failure in US history. The FDIC estimates a $13 billion loss to the deposit insurance fund.
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