First Republic Bank to be Acquired by JPMorgan Chase

First Republic Bank has been formally seized by the government and will be sold to JP Morgan Chase.

To protect depositors, we entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of First Republic Bank. Read more ➡️ https://t.co/8KCKgJ2ZWR. pic.twitter.com/FRrIZk5aBY

— FDIC (@FDICgov) May 1, 2023

NEW — First Republic Bank Has Been Seized by Regulators and Sold to JPMorgan Chase

“First Republic will go down as the second largest bank failure in U.S. history” pic.twitter.com/UWlp4IbzuD

— Chief Nerd (@TheChiefNerd) May 1, 2023

This is the second biggest bank failure in American history and it isn’t even really being talked about as much as it should.

There’s going to be more bank failures to come. This is not the end.

I hate to sound like a broken record, but you do not want to have all of your assets in these banks. You could lose everything you own if you are foolish enough to trust the banking system.