US government have seized California's embattled First Republic Bank. A major Wall Street Bank, JP Morgan Chase, is stepping in to buy it.
The San Francisco-based First Republic is the third midsize bank to fail in two months, after Silicon Valley Bank and Signature Bank. J-P Morgan Chase Bank will assume all of First Republic's loans and most of its assets. The bank has a large amount of uninsured deposits and a high exposure to low interest rate loans.

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