RTR: Regulators seize First Republic Bank, sell assets to JP Morgan

REUTERS reports:

Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.

First Republic was among regional U.S. lenders most battered by a crisis in confidence in the banking sector in March, when depositors fled en masse from smaller banks to giants like JPMorgan as they panicked over the collapse of two other mid-sized U.S. banks.

The bank had limped along since then, but investors fled again last week when it disclosed more than $100 billion in outflows in the first quarter and a plan to explore new options…

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