by Ben Zeisloft, Daily Wire:

JPMorgan Chase assumed control of First Republic Bank on Monday after the latter company collapsed due to turmoil in the financial sector.

First Republic Bank, headquartered in San Francisco, California, caters mainly to wealthy clients with account balances above the $250,000 deposit threshold backed by the Federal Deposit Insurance Corporation (FDIC). The company saw customers withdraw their funds in recent weeks as the recent implosions of Silicon Valley Bank and Signature Bank rattled account holders, prompting FDIC officials to secure insured and uninsured deposits at the two failed companies to decrease the risk of bank runs at other institutions.