"Shocking: First Republic Bank Forced to Sell to JPMorgan by Regulatory Pressure

Brush Stroke By: ATuL Artist Story

[{"selector":"#anim-0ef37785-ecbb-4b07-b870-78c064b9814c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b13f9831-a4a5-4add-82ac-d6df5988ea94","keyframes":[{"offset":0,"transform":"translate3d(0, -242.90937%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -68.306114844%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -23.222135772%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -8.720446383%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -3.789386172%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":2000,"fill":"both"}] Brush Stroke After Washington Mutual, which fell during the 2008 financial crisis and was also bought by JP Morgan, First Republic is the second-largest US bank by assets.

[{"selector":"#anim-d59d65f0-f51b-41f4-b698-f1ce41e7b0d9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e9d13c18-7209-4cd7-8094-3a6bed75f6e6","keyframes":{"transform":["translate3d(0px, -99.59318%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-52ed7f51-4246-4baf-a898-4c0dc1ba4b4a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke The assets of First Republic, a 1985-founded bank ranked 14th in the US, were impacted by rising interest rates earlier this year.

[{"selector":"#anim-91a5b05d-732d-4b5e-ab0e-0ca2aa4af06a","keyframes":{"opacity":[0,1]},"delay":0,"duration":7000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-be24a44c-39fd-49ab-90b1-b758417ba992","keyframes":{"transform":["rotate(105deg) translate3d(0px, 134.36168%, 0) rotate(-105deg)","rotate(105deg) translate3d(0px, 0px, 0) rotate(-105deg)"]},"delay":0,"duration":7000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-734572c4-cfe0-4e78-b257-b1acdea9c0a5","keyframes":{"opacity":[0,1]},"delay":1,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke 84 First Republic locations in eight states reopened as JPMorgan locations on Monday. ATuL

A personal take

[{"selector":"#anim-291d17a9-f626-4e85-bb3a-30b22a89cd83","keyframes":{"transform":["translate3d(-99.76526%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-85d7a8dc-b7b0-4e74-9504-93396cc537c2","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-620009dc-d9a2-4874-b623-801de115e51f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-113a696a-3278-45e7-b5d1-e58f99542076","keyframes":{"transform":["translate3d(95.31680%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0e5090cc-a53c-49f7-bdf1-7664278a22e0","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03f96046-60a3-4875-ae4d-f23822b97f97","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-ffd80869-e028-499c-9e82-f8ea717743c4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke The purchase of JPMorgan was well received by investors, causing the bank's stock to rise 3.5 percent on Monday.

[{"selector":"#anim-2de47390-a777-43f7-9258-179749207931","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-932d4fbc-4fc8-4bd1-960d-04cbd28592c9","keyframes":{"transform":["rotate(-120deg) translate3d(0px, -57.61225%, 0) rotate(120deg)","rotate(-120deg) translate3d(0px, 0px, 0) rotate(120deg)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6383b8cc-5177-42db-a4c0-ee2a29cd545a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke First Republic's losses would need to be covered by almost $13 billion.

[{"selector":"#anim-e2607f3e-2254-446e-9657-869995508c05","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-75adcc96-9953-489f-9097-211924caa975","keyframes":{"transform":["translate3d(0px, 16.98018%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f93bf3f4-08e4-4b5f-a5ec-aac8692e1caa","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke The two regional banks that fell short in First Republic's bids both experienced declines of over 5%.

[{"selector":"#anim-8c1b33c1-2639-4d3d-a6c2-a5f23efe35ec","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-700b7231-0f29-43c6-ace7-c6fabab08f63","keyframes":{"transform":["translate3d(0px, -20.59193%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a8fc749c-201f-4513-b862-29f676fd1c9a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke JP Morgan also stated that it will receive $50 billion of funding from the FDIC.

[{"selector":"#anim-3a8b1231-5ea6-4a0b-8f36-5635053afd0e","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8cca70d2-86e1-480f-8f79-b6bcd01b21d8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke Despite receiving a $30 billion lifeline from the country's 11 largest banks in March, First Republic failed.

[{"selector":"#anim-14188022-cace-4fce-91c9-ec454bfedc40","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d4f11936-7817-4e9a-83d4-5e0dee37e492","keyframes":{"transform":["rotate(30deg) translate3d(0px, -51.51744%, 0) rotate(-30deg)","rotate(30deg) translate3d(0px, 0px, 0) rotate(-30deg)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f6080fed-2543-47f4-938b-cb8bc5e018fd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Brush Stroke First Republic folded under the weight of loans and investments, much like the other two failing banks, Silicon Valley Bank and Signature.

The First Republic Bank

[{"selector":"#anim-6d2e617f-1501-4490-aeec-bcff48ffc496","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c8573a3a-11f8-4307-9bfc-07daacc451f0","keyframes":{"transform":["translate3d(-114.74926%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-06082054-5e49-41e5-b431-4438374ca4f4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] On Monday, authorities took over First Republic Bank and sold it to JPMorgan Chase.