JPMorgan Chase takes over First Republic Bank after FDIC seizure

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The Federal Deposit Insurance Corporation (FDIC) has accepted a bid from JPMorgan Chase Bank to assume all deposits of First Republic Bank, the California Department of Financial Protection and Innovation (DFPI) announced early Monday morning.

The San Francisco-based bank has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, and it was widely seen as the bank most likely to collapse next.

LiveNOW's Andy Mac spoke with banking attorney Joseph Lynyak about First Republic Bank being taken over by JPMorgan Chase.

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