Photo: First Republic Bank headquarters in San Francisco on April 29, 2023. First Republic Bank headquarters in San Francisco on April 29, 2023.

U.S. loans and deposits fell slightly in the chaotic first week of May, when First Republic Bank collapsed—marking the nation’s second-largest bank failure—and was acquired by JPMorgan Chase & Co.

Commercial bank lending fell $15.7 billion in the week ended May 3, after increasing $41.9 billion in the prior week, according to seasonally adjusted data from the Federal Reserve out Friday. However, on an unadjusted basis, loans and leases were up slightly.

 

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