Another Bay Area bank has failed.
First Republic Bank, the San Francisco financial institution that found itself in the hot seat following the crash of Silicon Valley Bank, was taken over by California financial regulators and sold to JP Morgan Chase.
“Our government invited us and others to step up, and we did,” JP Morgan CEO Jamie Dimon said in a statement. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction." Looney making Wilt Chamberlain-like history during Warriors' playoff run The legend of Kevon Looney keeps growing by the day, with each passing 20-rebound postseason performance
The transaction capped weeks of uncertainty about the future of First Republic Bank. Just a few years ago, the 38-year old company bank was the 14th largest bank in the U.S., valued at more than $19 billion.
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