First Republic Bank, based in San Francisco, has become the third major US bank to go under since March. The bank had over 229billionintotalassetsand103.9 billion in total deposits as of April 13, 2023. The Federal Deposit Insurance Corporation (FDIC) acted as the receiver and entered into a purchase and assumption agreement with JPMorgan Chase Bank to assume all deposits and assets. The FDIC estimates the cost to the Deposit Insurance Fund at around 13billion.FirstRepublichadreceiveda30 billion lifeline from 11 of the US's largest banks in March, but the stock had plunged more than 97%, leading to its failure. The bank started operations in 1985 with a single San Francisco branch and primarily catered to wealthy clients in coastal states.
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First Republic Bank, based in San Francisco, has become the third major US bank to go under since March. The bank had over 229billionintotalassetsand103.9 billion in total deposits as of April 13, 2023. The Federal Deposit Insurance Corporation (FDIC) acted as the receiver and entered into a purchase and assumption agreement with JPMorgan Chase Bank to assume all deposits and assets. The FDIC estimates the cost to the Deposit Insurance Fund at around 13billion.FirstRepublichadreceiveda30 billion lifeline from 11 of the US's largest banks in March, but the stock had plunged more than 97%, leading to its failure. The bank started operations in 1985 with a single San Francisco branch and primarily catered to wealthy clients in coastal states.
autonote from dev: the input text for this summary had to be modified for ChatGPT to summarize it.