First Republic Bank's assets seized, JPMorgan to take over

First Republic Bank (FRC), which was on the brink of collapsing in the aftermath of the Silicon Valley Bank (SVB) crisis, has crashed. The silver lining? Its assets have been seized by Federal Deposit Insurance Corporation (FDIC) and the regulator will sell them to JPMorgan Chase & Co. FRC is the third major US lender after SVB and Signature Bank, to fall since March.