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First Republic Bank was seized by regulators and sold to JPMorgan Chase early Monday morning, making it the third major bank to fail since March.

The FDIC brokered the deal for Chase to take over First Republic following weekend-long negotiations and “a highly competitive bidding process,” according to a Monday statement.

JPMorgan Chase will take control of all First Republic deposits and assets, and all 84 branches of First Republic Bank will reopen as branches of JPMorgan Chase during Monday business hours, the FDIC said.

Bidding for First Republic lasts into the night: A guide to the latest banking crisis

Customers with accounts at First Republic will be able to access their deposits by the beginning of Monday business hours, the FDIC said. The FDIC said that deposits with the bank will continue to be insured.

As of April 13, First Republic Bank had approximately $229.1 billion in assets and $103.9 billion in deposits, the FDIC said.

First Republic Bank had struggled in the wake of the abrupt collapses of Silicon Valley Bank and Signature Bank, which were both taken over by the Federal Deposit Insurance Corporation in March.

“I am pleased we were able to deal with First Republic’s failure without using the FDIC’s emergency powers. It is a grave and unfortunate event when the FDIC uses these emergency powers,” said FDIC Board of Directors member Jonathan McKernan in a statement, adding that “more work remains to be done” to strengthen the banking system and plan for failures.

JPMorgan Chase said in a statement that the move is supporting the U.S. financial system as consumer confidence in banking wavers.

“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman of CEO of JPMorgan Chase. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.”

JPMorgan Chase and the FDIC will together cover the costs of losses on residential and commercial loans issued by First Republic.

The FDIC said the sale of First Republic will likely cost $13 billion from the Deposit Insurance Fund, which is the FDIC fund for protecting deposits at failed banks. The DIF had $128 billion at the end of 2022, but the FDIC was already forced to spend nearly $22.5 billion to handle the collapses of Silicon Valley Bank and Signature Bank in March. Why did First Republic collapse?

First Republic had been teetering for months after the collapses of SVB and Signature set off a banking crisis in March.

The San Francisco-based regional powerhouse did not appear to have the same mismanagement issues as SVB, not did it share Signature Bank’s unique relationship with the volatile cryptocurrency sector.

But First Republic shared other major weakness with SVB, including steep losses on investment holding and holding the vast majority of their deposits above the FDIC’s insurance threshold. Bidding for First Republic lasts into the night: A guide to the latest banking crisis Cohn says First Republic sale ‘will be a much faster process’ than Silicon Valley Bank

First Republic received $30 billion in March from a group of major U.S. banks — including JPMorgan Chase — to help stave off a collapse and restore customer confidence in the bank.

Even so, First Republic’s woes deepened last week after a dire first-quarter earnings report showed the depth of its losses during the outbreak of the crisis. The dire financial numbers spurred a fresh round of panic over the health of the bank, spurring takeover discussions that stretched over the weekend.

Updated at 80 a.m.

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Tech executive and his family die after sightseeing helicopter crashes in New York

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Tech executive and his family die after sightseeing helicopter crashes in New York

A family of five Spanish tourists, including three children, have been killed in a helicopter crash in New York City.

A New York City Hall spokesman identified two of those killed as Agustin Escobar, a Siemens executive, and Merce Camprubi Montal – believed to be his wife, NBC News reported.

The pilot was also killed as the aircraft crashed into the Hudson River at around 3.17pm on Thursday.

New York Police commissioner Jessica Tisch said divers had recovered all those on board from the helicopter, which was upside down in the water.

“Four victims were pronounced dead on scene and two more were removed to local area hospitals, where sadly both succumbed to their injuries,” she said.

The helicopter ended up submerged and upside down. Pic: Reuters
Image:
The helicopter was submerged upside down in the Hudson. Pic: Reuters

A crane lifted out the wreck of the helicopter on Thursday evening. Pic: AP
Image:
A crane lifted out the wreckage on Thursday evening. Pic: AP

The Spanish president Pedro Sanchez called the news “devastating”.

“An unimaginable tragedy. I share the grief of the victims’ loved ones at this heartbreaking time,” he wrote on X.

Rotor blade ‘flew off’

The aircraft was on a tourist flight of Manhattan, run by the New York Helicopters company.

Witnesses described seeing the main rotor blade flying off moments before it dropped out the sky.

Agustin Escobar and Merce Camprubi Montal.
Pic: Facebook
Image:
Agustin Escobar and Merce Camprubi Montal.
Pic: Facebook

Lesly Camacho, a worker at a restaurant along the river in Hoboken, said she saw the helicopter spinning uncontrollably before it slammed into the water.

“There was a bunch of smoke coming out. It was spinning pretty fast, and it landed in the water really hard,” she said.

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Witness saw ‘parts flying off’ helicopter

Another witness said “the chopper blade flew off”.

“I don’t know what happened to the tail, but it just straight up dropped,” Avi Rakesh told Sky’s US partner, NBC News.

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Video on social media showed parts of the Bell 206 helicopter tumbling through the air and landing in the river.

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New York mayor confirms six dead

First responders walk along Pier 40, Thursday, April 10, 2025, in New York, across from where a helicopter went down in the Hudson River in Jersey City, N.J. (AP Photo/Jennifer Peltz)
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The crash happened near Pier 40. Pic: AP

New York Mayor Eric Adams confirmed the six deaths and said authorities believed the tourists were from Spain.

He said the flight had taken off from a downtown heliport at around 3pm.

Debris floats in the water at the scene where the helicopter crashed into the Hudson River.
Pic: AP
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Pic: Cover Images/AP

The crash happened close to Pier 40 and the Holland tunnel, which links lower Manhattan’s Tribeca neighbourhood with Jersey City to its west.

Tracking service Flight Radar 24 published what it said was the helicopter’s route, with the aircraft appearing to be in the sky for 15 minutes before the crash.

The Federal Aviation Administration and the National Transportation Safety Board have started an investigation.

Agustin Escobar.
Pic:Europa Press/AP
Image:
Agustin Escobar.
Pic: Europa Press/AP

Thursday’s incident comes less than three month after 67 people died when an army helicopter and American Airlines jet collided over the Potomac River in Washington DC.

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Ksenia Karelina: Ballerina arrives home in US after ‘nightmare’ of Russian penal colony

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Ksenia Karelina: Ballerina arrives home in US after 'nightmare' of Russian penal colony

A former ballerina who spent more than a year in a Russian jail for donating £40 to a charity supporting Ukraine has returned home to the US after being freed in a prisoner exchange.

Ksenia Karelina landed at Joint Base Andrews in Maryland at around 11pm, local time, on Thursday.

A smiling Ms Karelina was greeted on the runway by her fiance, the professional boxer Chris van Heerden, and given flowers by Morgan Ortagus, President Donald Trump’s deputy special envoy to the Middle East.

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Ksenia Karelina arrives Thursday, April 10, 2025, at Joint Base Andrews, Md. (AP Photo/Alex Brandon)
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Ksenia Karelina arrives at Joint Base Andrews. Pic: AP

Van Heerden said in a statement he was “overjoyed to hear that the love of my life, Ksenia Karelina, is on her way home from wrongful detention in Russia.

“She has endured a nightmare for 15 months and I cannot wait to hold her. Our dog, Boots, is also eagerly awaiting her return.”

He thanked Mr Trump and his envoys, as well as prominent public figures who had championed her case, including Dana White, a friend of Mr Trump and CEO of the Ultimate Fighting Championship (UFC).

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Ms Karelina, 34, a US-Russian citizen also identified as Ksenia Khavana, was accused of treason when she was arrested in Yekaterinburg, in southwestern Russia, while visiting family in February last year.

Investigators searched her mobile phone and found she made a $51.80 (£40) donation to Razom, a charity that provides aid to Ukraine, on the first day of Russia’s invasion in 2022.

She admitted the charge at a closed trial in the city in August last year and was later jailed for 12 years, to be served in a penal colony.

At a cabinet meeting on Thursday, Mr Trump, who wants to normalise relations with Moscow, said the Kremlin “released the young ballerina and she is now out, and that was good. So we appreciate that”.

Ksenia Karelina is hugged by her boyfriend Chris van Heerden.
Pic: Reuters
Image:
Ksenia Karelina is hugged by her boyfriend, Chris van Heerden. Pic: Reuters

He said the release followed conversations with Russian President Vladimir Putin.

Russian security services accused her of “proactively” collecting money for a Ukrainian organisation that was supplying gear to Kyiv’s forces.

The First Department, a Russian rights group, said the charges stemmed from a $51.80 donation to a US charity aiding Ukraine.

Washington, which had called her case “absolutely ludicrous”, released Arthur Petrov, who it was holding on charges of smuggling sensitive microelectronics to Russia, in the prisoner swap in Abu Dhabi.

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Karelina was among a growing number of Americans arrested in Russia in recent years as tensions between Moscow and Washington spiked over the war in Ukraine.

Her release is the latest in a series of high-profile prisoner exchanges Russia and the US carried out in the last three years – and the second since Mr Trump took office.

White House national security adviser Mike Waltz said members of the Trump administration “continue to work around the clock to ensure Americans detained abroad are returned home to their families”.

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‘Gringo hunter’ shot dead by US fugitive in Mexico

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'Gringo hunter' shot dead by US fugitive in Mexico

An elite Mexican police officer from its so-called “Gringo Hunters” unit has been shot dead by a fugitive they were trying to arrest.

The dedicated team of elite officers follows and detains US criminals and suspects who are hiding in Mexico.

It had been trying to pin down a man in the northern Mexican border city of Tijuana, authorities said, when the man opened fire.

The head of the regional unit in Baja California state, 33-year-old Abigail Esparza Reyes, was hit in the shoot out.

Reyes, who had led the regional team for eight years and carried out more than 400 operations on US fugitives in Mexico, died from the injury.

Members of security forces work near a crime scene where a U.S. citizen shot and killed Abigail Esparza Reyes.
Pic: Reuters
Image:
Pic: Reuters

Members of security forces work near a crime scene where a U.S. citizen shot and killed Abigail Esparza Reyes.
Pic: Reuters
Image:
Pic: Reuters

According to local media reports, the target of the Gringo Hunters was Cesar Hernandez, a convicted murderer who escaped from a California courthouse in December.

Upon arriving for a court appearance, Hernandez managed to jump out of the van and run away, the California Department of Corrections and Rehabilitation confirmed at the time.

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He was serving an 80-year life sentence but could have become eligible for parole.

Following the shoot out in Mexico on Wednesday, Hernandez again managed to getaway, this time in disguise as a worker, local media reported.

Members of security forces work near a crime scene where a U.S. citizen shot and killed Abigail Esparza Reyes.
Pic: Reuters
Image:
Pic: Reuters

For decades, suspects on the run in the US have crossed the border into Mexico.

In 2002 the Latin American country set up in cooperation with US law enforcement a dedicated squad to track down fugitives who cross the border.

The highly trained team has gained prominence in recent years and will be the subject of a new crime drama TV series expected on Netflix later this year.

Baja California state governor Marina del Pilar paid tribute to the killed police officer on social media.

“Abigail’s life will be honoured, and her death will not go unpunished,” she said.

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