Why First Republic failed, and what it means for the rest of the banking industry

• First Republic was bought by JPMorgan Monday after regulators took control of the bank.
• Withdrawals by customers in the first three months of 2023 doomed the San Francisco-based bank.
• First Republic's failure is a stark reminder that the banking crisis is far from over.

First Republic's failure and rescue Monday is a jarring reminder that US banks continue to navigate a crisis nearly two months after Silicon Valley Bank collapsed.

But despite a speedy takeover by JPMorgan, First Republic's failure shows the banking crisis is far from over.