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JP Morgan Chase is set to take over the failed First Republic bank after it collapsed in the third major bank failure in the past two months in America.
In a statement, the United States national banking regulator, the Federal Deposit Insurance Corporation (FDIC), announced on Monday morning that the San Francisco-based bank had indeed failed after First Republic customers withdrew around $100 billion of deposits over the past few days as its stock price collapsed.
In a deal orchestrated by the government, JP Morgan will “assume all of the deposits and substantially all of the assets of First Republic Bank,” including the 84 offices previously operated by First Republic across eight states, which will open as branches of JP Morgan Chase on Monday.
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