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this is cnn breaking news. i m max foster joining you live from london. bianca is off for the day. we ve got breaking news to bring you at this hour. it is that essentially the second largest bank failure in american history has been announced. first republic taken over by the authorities late last night. and they have sold a large proportion of the assets to jpmorgan chase. thos those assets we re being told is just announced by the federal deposit insurance agency. that s the agency that ensures deposts for customers. this is the third bank to fail in two months. there s a relief other banks haven t failed. as you can see, the medium-size banks are struggling in the united states. there s concern that contagion may spread to other parts of the world. but so far, the authorities seem to be handling each one on a case-by-case basis. as i was aing, j.p. morningen will take over the assets, the deposits held with the bank. customer deposits are safe for now. authorities tryin

Let s go to cnnBreaking newsCnn londonMax fosterBank failureJpmorgan chaseFirst republicFederal deposit insurance agencyBanks haven tRelief otherJ p morningenUnited statesCustomer depositsCounty sheriffLittle boyDon t