The Banks Are Collapsing As The Federal Reserve Continues To Raise Rates

The demise of First Republic Bank raises questions about the strength of the U.S. banking system and the broader economy that relies on it.

Monday’s shutdown marks the nation’s second-largest bank failure — First Republic Bank had nearly $230 billion in assets last month — eclipsing the Silicon Valley Bank collapse. Three of the four largest bank failures in U.S. history have taken place over the last two months.

The Federal Deposit Insurance Corporation (FDIC) on Monday took control of the San Francisco-based regional bank and brokered its sale to JPMorgan Chase. The deal will protect deposits, likely wipe out shareholders and make the nation’s largest bank even bigger.

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