First Republic Bank went into FDIC receivership Sunday evening.
The bank was then sold to JPMorgan.
This is the third major bank to fail under Joe Biden’s watch in 2023.
This Cramer tweet from March didn’t age well.
FRC is new focus… very good bank
— Jim Cramer (@jimcramer) March 10, 2023
First Republic Bank is the largest lender to fail since 2008.
NBC News reported:
First Republic Bank has been taken over by federal regulators and will be sold to JPMorgan — making it the third major bank to go under in less than two months.
The Federal Deposit Insurance Corporation (FDIC) ) announced simultaneously Monday morning that it had seized the bank and that JPMorgan Chase, the largest bank in America, would be purchasing substantially all of the bank’s assets and deposits.
A spokesperson for the Treasury Dept. sought to reassure the markets and the public after First Republic, with $229.1 billion in total assets at the time of closure, eclipsed Silicon Valley Bank ($209.0 billion at the time of closure) to become the second largest bank failure in American history.
“The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families,” they said in a written statement.