U.S. financial authorities confiscated California's troubled First Republic Bank and sold it to JPMorgan Chase in hopes of ending a two-month banking crisis that shocked the financial system.
The bank is the third US regional bank to be closed and taken over due to the rupture of the capital chain in the past two months, after Silicon Valley Bank and Signature Bank. In addition to the bank's own poor management, there are several deep-seated reasons, including the United States in recent years in the legislative relaxation of supervision of small and medium-sized banks.