Regulators seize First Republic Bank, sell to JPMorgan Chase

San Francisco-based First Republic is the third midsize bank to fail in two months. It has struggled since the collapse of Silicon Valley Bank and Signature Bank and investors and depositors had grown increasingly worried it might not survive because of its high amount of uninsured deposits and exposure to low interest rate loans.

"Our government invited us and others to step up, and we did," said Jamie Dimon, chairman and CEO of JPMorgan Chase. Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019's first quarter, when its full-time workforce was 4,600. Those fears were crystalized in the bank's recent quarterly results. The bank said depositors pulled more than $100 billion out of the bank during April's crisis. San Francisco-based First Republic said that it was only able to stanch the bleeding after a group of large banks stepped in to save it with $30 billion in uninsured deposits.

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