(vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don t just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence. jpmorgan chase will purchase most assets in a deal arranged by the fdic. the federal agency held an auction sunday and accepted bids from top banks including jpmorgan. the third bank to fail in just the past couple months. i want to bring in former information officer, so nice to see you, watching what s going
valley bank which was taken by regulators and stayed there for more than two weeks. this happenmuch more quickly over the weekend with that auction held on sunday. several banks bid it. it seems they reached that deal with jpmorgan. this will be the second biggest bank failure in u.s. history. the third bank failure since the beginning of march be but the biggest of three of those, and the biggest overall since the collapse of washington mutual all the way back at the beginning of the financial crisis. the great financial crisis. so the way this deal is structured, it s not your typical commercial acquisition because it came after that auction by the fdic. but jpmorgan will assume all of the deposits, substantially all of the assets of the bank. and it also comes with a sweetener or incentive where jpmorgan will be limited to the loans of first republic. those will be protected and all of those branches will reopen as