San Francisco-based First Republic is the third midsize bank to fail in two months.
Regulators seized troubled First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
Regulators worked through the weekend to find a way forward before U.S. stock markets opened. Markets in many parts of the world were closed for May 1 holidays Monday. The two markets in Asia that were open, in Tokyo and Sydney, rose. Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019's first quarter, when its full-time workforce was 4,600.
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