According to NPR, First Republic Bank has been taken over and sold to JPMorgan Chase. If you have deposits at the bank, you probably do not need to worry. First, deposits are covered by FDIC insurance, and now that the bank has been acquired, amounts over 250,000 should also be protected by Chase.
This is already the third bank to fail in the past few months.
- Another one! Regulators shut down Signature Bank
- Silicon Valley Bank failed: What did we learn from it?
