FDIC seizes First Republic; startup funding shrinks: The National Observer May 1, 2023
May 01, 2023 at 11:21 AM EDT
In the third bank failure since March, the FDIC has seized First Republic Bank and entered into an agreement to sell it to JPMorgan Chase & Co. The deal came after the bank's stock began collapsing after executives revealed in its latest earnings report that $100 billion in deposits had been withdrawn from its vaults in March.
