First Republic Bank seized and sold to JPMorgan Chase. What we know so far.

First Republic Bank, A San Francisco bank with more than 80 branches in eight states was seized by federal regulators and had its assets sold, the third bank to fold this year.

First Republic Bank's deposits and assets, which totaled more than $300 billion in April, were sold to JPMorgan Chase Bank in order to prevent further banking strife. First Republic Bank had been struggling since the collapses of Silicon Valley Bank and Signature Bank in March and after investors took out more than $100 billion following a crisis in April.

It's not First Republic Bank's first dance with trouble, either. Executives announced plans to lay off more than 7,000 employees in late 2022. They also planned to sell its unprofitable low-interest rate mortgages, mostly utilized by uber-wealthy clients, to head off turmoil. Bank stock also fell from $147 in early February to $3.51 just before the collapse.

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Is there a First Republic Bank in Louisville?

No. First Republic Bank does not have any branches in Louisville or Kentucky.

Louisville-based Republic Bank, which has branches dotted throughout the city and Southern Indiana, is not related to the failed bank.

A message posted at the top of Republic Bank's website Monday made it clear: "Republic Bank and Trust Company, headquartered in Louisville, Ky, is not related to First Republic Bank".

What happened with First Republic Bank?

Deposits and most assets from First Republic Bank were seized early Monday and sold to JPMorgan Chase Bank to prevent further banking strife across the U.S. The mid-size bank was the third failure in two months and the second biggest collapse in U.S. history. The first was Washington Mutual in 2008 at the peak of a financial crisis, when it was also sold the JPMorgan.

Why did First Republic Bank collapse?

After Silicon Valley Bank and Signature Bank collapsed in March, First Republic Bank began struggling due to low-interest rate loans and uninsured deposits. The Federal Deposit Insurance Corporation said Monday that depositors will have access to their accounts after the bank reopens with JPMorgan.

All three banks had uninsured assets, meaning they were above the $250,000 limit determined by the Federal Deposit Insurance Corporation, which made up the majority of deposits.

Clients also pulled more than $100 billion from the bank during April's crisis, and First Republic was only saved when 11 large U.S. banks created a $30 billion rescue plan.

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The Associated Press and USA TODAY contributed to this report. Contact reporter Rae Johnson at RNJohnson@gannett.com. Follow them on Twitter at @RaeJ_33

This article originally appeared on Louisville Courier Journal: First Republic Bank seized and sold to JPMorgan Chase. Here's what we know.