First Republic Bank sold to JPMorgan Chase

Image Source: Instagram JPMorgan Chase Buys Troubled First Republic Bank After U.S. Government Takeover

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[{"selector":"#anim-8287f0ad-c765-4947-9f83-288ba7129368 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-3148fbb5-f5c2-4a4c-af12-211514c60ae9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e44eaf72-db4d-4dda-a328-70d9a97792bb","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram JPMorgan Chase CEO Jamie Dimon says the acquisition modestly benefits the company.

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[{"selector":"#anim-82ce8bfb-ca81-4bd4-98ad-2284ca53ff5b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-d82e0d27-c09e-4c57-99f3-765b6a864178","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6a387cf5-cded-45f4-8bb6-964f2948e78b","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram First Republic is the third and largest US lender to fail this year.

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[{"selector":"#anim-9c713fbe-4a0f-4a89-8029-f5338d049504 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d686f86c-316f-48ef-b66b-befbdab9fdbc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c8557449-a01f-4ccc-8165-99dcef70f5ba","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram The bank made its bid in a way that will minimize costs to the FDIC's Deposit Insurance Fund.

[{"selector":"#anim-0b606db0-2580-44c1-9f6c-8f15e493b8ce [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-c2fb4cda-6241-4816-8f0a-d05c1ceb4bc9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d6e252a3-c0e5-4811-8d5e-54c1d92f6429","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram The acquisition includes the assumption of approximately $92 billion of deposits.

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[{"selector":"#anim-0e2355b1-74b2-47f8-9f1e-e32ceadd66f2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-ac8373f6-5597-4030-8b43-940daf89f634","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-86ff2c65-718c-487a-9d65-bd817f4b1240","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram The government protected bank customers, but it didn't bail out shareholders.

[{"selector":"#anim-2b123f3a-7abe-4c16-80f8-fd7ba371b68f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-97d1ab7a-1b6c-4c57-b388-1efc972cd3ae","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cbf1b787-9f71-494a-9337-ead79d97c896","keyframes":{"transform":["translate3d(0px, 221.74939%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram After the banks were taken into receivership, the FDIC solicited bids to buy them.

[{"selector":"#anim-19d23a04-1c70-418f-9511-014af74a2ac6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-e60714bd-4e0a-4963-906d-d80b9afd270a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-932d44b6-1661-4b79-a17f-391d44f3ff6e","keyframes":{"transform":["translate3d(0px, 185.40634%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram The twin failures of Silicon Valley Bank and Signature Bank threatened to spark more bank runs.

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[{"selector":"#anim-b053baff-4d70-4037-adc2-aa1a9f641ae0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-552c0dda-5790-45d0-9ffa-5cb72a68a46f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81b61845-1f61-446e-9a66-4b4547489db0","keyframes":{"transform":["translate3d(0px, 185.40634%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram First Republic's death spiral began when it announced it had lost $100 billion worth of deposits.

[{"selector":"#anim-8d9e8e41-0155-48ac-870e-ac8da10d6793 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-967c9517-4c9b-4db4-b473-7957ff067bf7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-759ff234-2c64-40fb-9327-09240a4e560c","keyframes":{"transform":["translate3d(0px, 243.02594%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source: Instagram The acquisition by JPMorgan may bring more calm to the banking sector.