Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore

Important Takeaways:

• First Republic Bank seized by regulators, then sold to JPMorgan Chase
• Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually all of the lender’s assets.
• The state’s Department of Financial Protection and Innovation (DFPI) said it had taken over San Francisco-based First Republic and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The DFPI also said the FDIC has “accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank.”
• Before entering receivership First Republic shares had lost 97% of their value since January, taking more than $21 billion off First Republic’s market value.
• First Republic has $229 billion in assets, making it the second-biggest bank to collapse in U.S. history after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion and which also was sold to JPMorgan.
• First Republic follows the March collapses of $210 billion Silicon Valley Bank and, only days later, of Signature Bank, both of which were seized by government regulators after experiencing bank runs
• The latest bank failure could cause other lenders to tighten credit and raise the cost of interbank loans

Read the original article by clicking here.