The New York Stock Exchange said on Tuesday it would suspend trading in shares of <a href="https://www.thenationalnews.com/business/banking/2023/04/26/first-republic-bank-shares-stock/" target="_blank">First Republic Bank </a>effective immediately, a day after the lender was acquired by JP Morgan Chase. The acquisition of First Republic came after its <a href="https://www.thenationalnews.com/business/banking/2023/05/01/first-republic-seized-by-regulators-as-bid-accepted-from-jp-morgan/" target="_blank">assets were seized </a>on Monday by the California Department of Financial Protection and Innovation when efforts to rescue the lender failed. <a href="https://www.thenationalnews.com/business/banking/2023/04/14/jp-morgan-posts-52-jump-in-first-quarter-profit-on-strong-consumer-business/" target="_blank">JP Morgan Chase </a>agreed to acquire all of First Republic's deposits and all of its assets after the regulator appointed the Federal Deposit Insurance Corporation as receiver. First Republic Bank's eight types of preferred stocks, including its common stock, will be delisted, according to a statement from the NYSE. Trading in the company’s securities will be "suspended immediately", the exchange said. "The NYSE will apply to the Securities and Exchange Commission to delist the company’s securities upon completion of all applicable procedures, including any appeal by the company of the NYSE regulation staff’s decision," it said. The First Republic acquisition comes after <a href="https://www.thenationalnews.com/business/banking/2023/03/18/the-latest-banking-failures-expose-growing-frictions-in-the-financial-system/" target="_blank">financial turmoil engulfed mid-size regional banks </a>in the US and led to the collapse of <a href="https://www.thenationalnews.com/business/2023/03/13/silicon-valley-bank-collapse-why/">Silicon Valley Bank</a> and Signature Bank in March. As of April 13, <a href="https://www.thenationalnews.com/business/banking/2023/04/25/first-republic-bank-shares-deposits/">San Francisco-based</a> First Republic Bank had about $229.1 billion in assets and $103.9 billion in deposits. According to the order of possession, the bank had $14.9 billion in available cash on hand as of close of business on April 28. JP Morgan led a group of 11 banks including Bank of America, Citigroup and Wells Fargo that extended a $30 billion lifeline to First Republic in March, but the move failed to quell investor concerns. Last week, <a href="https://www.thenationalnews.com/business/banking/2023/04/25/first-republic-bank-shares-deposits/">First Republic</a> said it was taking steps to shore up its balance sheet and cut its workforce after deposits fell to about $104.5 billion in the first quarter of this year, from $176 billion in the fourth quarter of 2022. Without the cash provided by America’s largest banks, First Republic’s decline in deposits would have been about $102 billion during the March banking crisis. On Monday, the International Monetary Fund managing director <a href="https://www.thenationalnews.com/business/economy/2023/05/01/more-weakness-in-us-banking-sector-expected-imfs-georgieva-says/" target="_blank">Kristalina Georgieva said </a>she expected more weaknesses to be exposed in the banking sector. Addressing the banking crisis that has been unnerving investors for weeks, Ms Georgieva said the quick transition from low to much higher interest rates played a role in uncovering weaknesses at certain banks and that the pain may not be over. Meanwhile, following the acquisition, First Republic Bank’s 84 offices in eight US states reopened as branches of JP Morgan on Monday during normal business hours. All depositors of First Republic Bank are now depositors of JP Morgan and will have full access to all of their deposits. Deposits will continue to be insured by the FDIC and customers do not need to change their banking relationship in order to retain their deposit insurance cover up to applicable limits. The FDIC insures deposits up to $250,000 per each individual account and institution.