For one, help from the FDIC, which will absorb up to 80% of the losses coming from First Republic’s residential and commercial loans.

Main Street banks, often more diversified and risk-averse than Wall Street banks, are largely shrugging off First Republic’s meltdown.

The failure and subsequent sale of First Republic Bank is the latest episode in the continuing fallout from the Silicon Valley Bank collapse in March. Yet there may be cause for cautious optimism this could be one of the final dominos to fall in the banking crisis. Julia Coronado, president of MacroPolicy Perspectives, tells us more about what could lay ahead. Plus, a deeper look into what exactly happened when financial regulators sprung into action overnight Monday. And, how Homeboy Industries, an LA-based nonprofit that rehabilitates formerly incarcerated and gang-affiliated people, is taking on the challenge of recycling clothing. 

The reverberations of the Silicon Valley Bank collapse have taken down First Republic. What’s next for the financial industry?

The embattled First Republic Bank, one of the institutions caught in the wake of Silicon Valley Bank’s collapse, was acquired overnight by federal regulators and sold to JPMorgan Chase. It’s a massive, multi-billion dollar deal that makes America’s largest bank even larger. Erik Gordon, professor at the University of Michigan, explains what the collapse says about the financial industry. Plus, we look at how the construction industry is dealing with an ever-present shortage of workers. 

From the BBC World Service: Overnight, First Republic Bank was taken under the stewardship of regulators, who then immediately sold it on to JPMorgan Chase, making it the second biggest bank in American history to fail. Banking analyst Frances Coppola talks us through the ramifications. Plus the BBC Business Editor in India, Arunoday Mukharji, reports on India becoming the world’s most populous country.

Is that good for financial stability? Plus, we’ll look into the “We buy ugly houses” business and discuss how new economic data will influence the Federal Reserve’s next move.

Short sellers have made more than a billion dollars betting that First Republic would tank. Is that good for financial stability?

Several of them were responsible for the 2008 financial crisis.

The failures of Silicon Valley Bank and Signature Bank had a lot of depositors worried about their own banks. While many moved their depositors to bigger institutions, bank deposits have been trending downward overall.