JP Morgan has bought the struggling First Republic after the bank collapse, the third to do so in just two months.
US regulators said the banking giant will take on “all of the deposits and substantially all of the assets of First Republic Bank”.
Founded in 1985, First Republic was a mid-sized US lender which catered to rich clients.
In March, 11 American banks pumped $30billion into First Republic in a bid to stabilise the business after it was rocked following the collapse of Silicon Valley Bank and Signature Bank.
Last week however, First Republic’s shares fell by more than 75 percent after it admitted that customers had withdrawn $100billion of deposits in March.
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