Regulators have seized First Republic Bank and sold it to JPMorgan Chase. Last week saw more investors pull funds as it disclosed more than $100 billion in outflows in the first quarter. JPMorgan Chase will pay $10.6 billion as part of the deal. It will also cost the FDIC deposit insurance fund $13 billion.
As an interesting tidbit, First Republic Bank repeatedly made legal threats against this site and requested the removal of any and all mention of the bank due to publicizing various deposit bonuses they offered.
