A bank collapsed in the United States for the third time in two months due to financial problems. This is First Republic Bank.
California's DFPI regulator announced Monday that the bank's assets had been seized. a Amina It accepted an offer from US bank JPMorgan Chase for the majority of the assets.
According to sources, the regulator organized an auction on Sunday to move First Republic Bank's assets elsewhere. The DFPI announced on Monday morning that the seizures had been made and a curator had been appointed.
According to the trustee, 84 First Republic Bank branches in eight states will open their doors later today as JP Morgan Chase Bank.
First Republic ran into problems because customers withdrew $100 billion (more than €90 billion) from their accounts in just a few months. The bank was therefore forced to sell the investments, but they became less valuable due to the recent rapid rise in interest rates.
Earlier this year, Silicon Valley Bank and Signature Bank collapsed.
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