Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Monday, May 1st, and I'm your host Julie Morgan.

Regulators have seized First Republic Bank.

FRC will be sold to J.P. Morgan.

The U.S. commercial property market is in trouble.

That's the word from Berkshire Hathaway's Charlie Munger. No dividend for

nor nickel. The board recommends not to pay a dividend for the first time since 2009.

Our top story. time since 2009.

Our top story.

Regulators have taken possession of First Republic Bank.

This is the third failure of an American regional bank in recent months.

Of course, we all know about the collapse of Silicon Valley Bank

and Signature Bank in March.

The Federal Deposit Insurance Corporation

has been appointed as a receiver and accepted a bid from JP Morgan to assume all

deposits including all uninsured deposits and substantially all assets of

First Republic Bank that includes 173 billion dollars in loans and about 30 billion

dollars of securities, though it will not assume First Republic's corporate debt or

preferred stock. According to the FDIC, as of April 13 of 2023,

First Republic Bank had approximately $229.1 billion

in total assets and $103.9 billion in total deposits.

First Republic Banks 84 offices in eight states will reopen as branches of

...