Banking another big American bank

Banking giant investment, JP Morgan Chase, will take over this bank now.

Under the arrangement brokered by regulators, JP Morgan Chase will take over all deposits and most shares of First Republic Bank.

First Republic is the third American bank to be bankrupt in recent months, which has sparked concerns about a broader banking crisis, the REL reports.

Bank shares in San Francisco dropped for more than 75 percent last week after she admitted customers had withdrawn $100 billion during March.

First Republic's bankruptcy comes after Silicon Valley Bank collapse (SVB) in March and the collapse of another US lender, Signatur Bank.

In an effort to save Bank First Republic, American officials reported having contacted six different banks.

In March, a group of America's largest banks gathered $30 billion for First Republic in an effort to stabilise it, but efforts proved futile.

Founded in 1985, First Republic is a medium-sized American lender, similar to Silicon Valley Bank. For years, it has served wealthy clients whose money was in danger before the deal was announced after a weekend of negotiations.