What Happened

First Republic Bank’s (FRC) weeks-long struggle to survive as an independent bank ended early Monday morning, as the bank was taken into FDIC receivership, with all of its deposits and the “substantial majority” of its assets sold to JPMorgan (JPM). First Republic bank branches will be open for business Monday as normal, under the JPM ownership. As has been widely reported, FRC is the second-largest US bank failure ever (Washington Mutual is the largest—9/2008).