If Silicon Valley Bank was taken down by a bank run then First Republic was ruined by a bank jog, a slow stomping away at deposits and the stock price that couldn’t be reversed. “Regulators took possession of First Republic
on Monday, resulting in the third failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. JPMorgan Chase, already the largest U.S. bank by several measures, emerged as winner of the weekend auction for First Republic” First Republic’s remaining depositors are safe. Its shareholders are toast. Meanwhile, all these bank runs are giving me the trots. JPMorgan Chase takes over First Republic after biggest U.S. bank failure since 2008.