Regulators close First Republic Bank, JPMorgan named as the buyer of $330B assets and deposits, FDIC on the hook for $13B

First Republic Bank (FRB), on the brink of collapse in the weeks after the Silicon Valley Bank crisis, has finally fallen over, but with a relatively quick resolution into its next chapter: today the Federal Deposit Insurance Corporation (FDIC) announced that it was being closed by the the California Department of Financial Protection and Innovation, that the FDIC was appointed as receiver, and that the FDIC would be selling the assets to JPMorgan.
Its assets and deposits total just over $330 billion combined.
Specifically, “to protect depositors, the FDIC is entering into a purchase and assum

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