Vox Sentences - The collapse of First Republic Bank

JPMorgan Chase takes over the collapsed First Republic Bank; the second Russian missile barrage in days rocks Ukraine.

Tonight's Sentences was written by Jariel Arvin.

How First Republic Bank failed

Justin Sullivan/Getty Images

• Regulators seized First Republic Bank and sold most of its assets to JPMorgan Chase. It’s the second-largest bank failure in US history after Washington Mutual collapsed in 2008. [Vox / Nicole Narea]
• The collapse follows the March failures of Silicon Valley Bank and Signature Bank, which imploded after large numbers of customers pulled their deposits. [New York Times / Madeleine Ngo]
• The San Francisco-based First Republic Bank offered low-interest loans to many wealthy clients with accounts above the federally insured $250,000 limit. [Associated Press / Ken Sweet]
• First Republic’s downfall accelerated last week after it announced customers pulled more than $100 billion in deposits in the first three months of the year. By Friday, the bank’s shares lost 97 percent of their value. [CNBC / Hugh Son]
• First Republic customers had full access to their funds on Monday at 84 branches in eight states that reopened as JPMorgan locations. [NPR / David Gura]

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Vox’s Emily Stewart explains how the US economy could avoid a recession despite the Federal Reserve raising interest rates. [Vox / Emily Stewart]

Russia intensifies Ukraine airstrikes

• Monday, Russia launched its second wave of airstrikes in three days causing widespread damage in cities across Ukraine. [BBC / Hugo Bachega and Antoinette Radford]
• At least 34 people were injured and several killed in the attack, which comes as Ukraine mounts a spring offensive to take back Russian-held territories. [Reuters / Ivan Lubysh-Kirdey]
• Ukraine shot down 15 of 18 Russian cruise missiles and prevented the strikes from reaching the capital Kyiv. However, Russia claims it struck an ammunition storage facility, which could slow Ukraine’s plans. [AP / David Rising]
• Meanwhile, an explosive device derailed a Russian freight train carrying fuel and construction materials roughly 40 miles from the Ukrainian border. It’s unclear who’s responsible. [Guardian / Peter Beaumont, Emma Graham-Harrison, and Pjotr Sauer]

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The potential race between Donald Trump and Ron DeSantis for the Republican presidential nomination in 2024 will depend on how well each candidate keeps the support of delegates. [Vox / Ben Jacobs]

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“This part of the crisis is over. Down the road — rates going up, recession, real estate — that’s a whole different issue. For now, we should take a deep br

“This part of the crisis is over. Down the road — rates going up, recession, real estate — that’s a whole different issue. For now, we should take a deep breath.”

eath.”

[Jamie Dimon, chief executive of JP Morgan Chase on the First Republic Bank collapse / BBC]

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