First Republic Bank goes to meet its maker

The troubled bank has been closed down by the California regulator and its assets and deposits transferred to JP Morgan Chase.

Aand it’s gone. California’s Department for Financial Protection and Innovation (CADFPI) has closed down First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The announcement from CADFPI cites Section 592 of the state’s Financial Code, saying the bank was “conducting its business in an unsafe or unsound manner”…