By Kia Kokalitcheva, Dan Primack, Axios
First Republic Bank was seized by regulators and sold to JPMorgan Chase the Federal Deposit Insurance Corporation announced early Monday morning, making First Republic the third major bank failure in eight weeks.
Why it matters: First Republic is the latest victim of a U.S. banking system that’s adjusting to a new normal of client deposits fleeing in search of greater safety and higher rates.
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