The Banking Crisis: A Timeline of Key Events
The banking industry turmoil that erupted in March is still rattling regional lenders. First Republic was seized and sold to JPMorgan Chase in early May. The three banks served wealthy clients and businesses with large accounts that exceeded the federally insured limit of $250,000, making their deposit bases more vulnerable to flight with any signs of stress. The bank served startups and their investors, which were burning through cash last year as the Federal Reserve raised interest rates and venture capital dried up.