well it's the second largest bank failure in U.S history First Republic Bank has been seized by federal regulators and will be sold to JP Morgan Chase and a deal announced early this morning this is the third major Bank to go under in less than two months the lender recently reported losing about 40 percent of its deposits during the first quarter of this year it's all amid Rising interest rates and the failures of both Silicon Valley and signature Banks under the deal the FDIC will cover 80 percent of any losses among first Republic's Residential Mortgage Loans and Commercial loans over the next five to seven years the treasury Department today hailed the agreement as a way to ease customers lack of confidence in the U.S banking system which could cause more damage to the economy support for the business report provided by the Chamber of Commerce Southern New Jersey working for economic Prosperity by uniting business and community leaders for 150 years membership and event information online at chamber snj.com [Music] thank you [Music]