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Southwest Mobile Storage is a family-owned shipping container business founded in 1995. Our strength for more than 25 years comes from the specialized knowledge and passion of our people, along with serving over 24,000 commercial, construction and residential customers. Our 90,000 sq. ft. facility and expertise in maintaining, manufacturing, and delivering corrugated steel containers are unrivaled in the industry.

While the rental side of our business is regional, with branches throughout the Southwest, our container sales and modification operations are nationwide and becoming global. Beverly Hills, CA, offers a wide selection of portable offices and mobile storage containers you can rent, buy or modify.

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When you choose mobile storage containers over traditional storage facilities, you get more space for less, plus the convenience of onsite, 24/7 access to your valuables. And if you can't keep a container at your location, we offer you the flexibility to store it at our place instead. Rest assured, our high-quality storage containers will keep your items safe from weather, pests and break-ins. When you need to rent, buy or modify mobile storage containers in Beverly Hills, CA, look no further than Southwest Mobile Storage.

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When you own a business or manage one, it's crucial to have efficient, affordable ways to store inventory and supplies, whether it's to grow your business or adapt to changes in the market. Renting or buying storage containers to keep at your business eliminates the cost and hassles of sending your staff to offsite storage facilities. If you're in need of a custom solution, we'll modify shipping containers into whatever you need to grow your business. Whether it's new paint with your branding, a durable container laboratory for scientific research, or mobile wastewater treatment units,our unrivaled fabrication facility and modification expertshave you covered.

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We know how important it is for your construction company to have reliable, secure storage and comfortable office space at your jobsite. All our storage containers for rent in Beverly Hills, CA, come standard with first-rate multi-point locking systems, so you can rest assured your tools, equipment and materials are safe and secure. We also understand that construction can run long or finish early. We'll accommodate your schedule, even on short notice, and will prorate your rent after your first 28 days, so you don't have to pay for more than you actually need. With us, you also won't have to deal with the hassle of a large call center. Instead, you'll have dedicated sales representatives who will work with you for the entirety of your business with us.

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Get 24/7 access to your personal belongings without ever leaving your property. Whether you need short-term storage during home renovations or to permanently expand your home's storage space, our shipping containers for rental, sale and modification in Beverly Hills, CA, are the most convenient, secure solution. With our first-rate security features, using a storage container for your holiday decorations, lawn equipment, furniture, and other items will keep your contents safer than if you used a shed. Don't have room on your property? We also offer the option to keep your container at our secure facility. Our experienced team is here to help you find the perfect solution for your needs.

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Our ground-mounted mobile offices provide comfortable, temperature-controlled workspace without the extra expenses associated with portable office trailers, like stairs, metal skirting or setup and removal fees. Whether you only need one workspace, storage to go with it, or separate rooms in one container, we've got you covered. With our 500 years of combined container fabrication experience, rest easy knowing your mobile office is of the highest quality craftsmanship when you choose Southwest Mobile Storage.

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Latest News in Beverly Hills, CA

Battle brews in Beverly Hills over affordable housing development

A battle is brewing in Beverly Hills as developers attempt to use a newly strengthened state law to build more affordable housing.The Builder’s Remedy is a 1990 law that’s been strengthened in recent years, allowing developers to essentially override local zoning regulations. Proponents say it’s needed to address the housing crisis, but opponents argue it will change cities for the worse.Right now, Beverly Hills is ground zero in a fight with implications across Southern California.Abe Cohen supports th...

A battle is brewing in Beverly Hills as developers attempt to use a newly strengthened state law to build more affordable housing.

The Builder’s Remedy is a 1990 law that’s been strengthened in recent years, allowing developers to essentially override local zoning regulations. Proponents say it’s needed to address the housing crisis, but opponents argue it will change cities for the worse.

Right now, Beverly Hills is ground zero in a fight with implications across Southern California.

Abe Cohen supports the effort to build hundreds of new apartments in his city, including a 19-story building on the corner of South Linden Drive and Wilshire Boulevard.

“A lot of houses should be added,” Cohen said. If it means more people moving into Beverly Hills, they’re “more than welcome,” he added.

The Linden Drive building is one of multiple projects being proposed in the city, with a portion of units for low-income housing as developers use the Builder’s Remedy to bypass local zoning regulations.

Advocates say Beverly Hills is one of many cities that have largely ignored state requirements to allow for more housing as the state’s housing crisis has worsened.

“This is the legal consequence for refusing to do that work and plan for the housing that the state and the region need,” said Dave Rand an attorney representing several developers.

A Builder’s Remedy effort to build 14 new buildings in Santa Monica resulted in a compromise of 10 buildings and more local control. But Beverly Hills continues to oppose such efforts, its mayor telling KCRW that, “We know best what our community wants.”

“If you believe in more equity, in more inclusion and more diversity and more housing choices for different types of people, then I think this Builder’s Remedy is in the public good,” Rand argued.

The state is demanding that Beverly Hills plan for more than 3,000 apartment units in the next six years. Right now, the city has about 8,500.

Teri Penski, a Westwood resident, backs the more aggressive push for additional affordable housing.

“There are just a lot of people who cannot afford housing, cannot afford the houses here,” she said.

18 Fantastic Outdoor Patios for Al Fresco Dining in Los Angeles

One of the many perks of Los Angeles living is the possibility of year-long al fresco dining. Heaters are key as the temperature continues to drop, especially after the sun goes down and the SoCal chill forces everyone to shiver or reach for a hoodie. The restaurants highlighted on this list have it all: daytime shade, evening warmth, and all-day vibes. Here now are 18 lovely outdoor dining patios in Los Angeles presented from north to south. Read ...

One of the many perks of Los Angeles living is the possibility of year-long al fresco dining. Heaters are key as the temperature continues to drop, especially after the sun goes down and the SoCal chill forces everyone to shiver or reach for a hoodie. The restaurants highlighted on this list have it all: daytime shade, evening warmth, and all-day vibes. Here now are 18 lovely outdoor dining patios in Los Angeles presented from north to south.

Read More

Eater maps are curated by editors and aim to reflect a diversity of neighborhoods, cuisines, and prices. Learn more about our editorial process.

The family-operated Casalena has multiple places to dine that are either outdoors or feel that way. There’s an atrium with vaulted skylights, a patio surrounded by lush greenery, a fully enclosed terrace with floor-to-ceiling glass, and a second-floor private sunroom.

Stationed on a second floor in Old Town Pasadena, Cafe Santorini opened 25 years ago with Mediterranean fare and a romantic patio that overlooks the One Colorado Courtyard.

Aside from a handful of rooms, Mírate is a multi-level, open-air restaurant with natural light and a canopy to protect diners from the elements. This is the second restaurant by chef Joshua Gil and partner Matthew Egan where Gil’s modern and personal takes on tacos, ceviches, mariscos, and a cochinita pibil are enjoyed in one of LA’s most stunning dining rooms.

Hollywood pizza hit Da Michele may have a famous name, but the nearly all-outdoor space and open view of the wood-fired oven keep customers returning for pizza, pasta, cocktails, or just to hang out. There’s also a sizeable patio at the Santa Barbara location as well.

Chef John Fraser has one of the city’s prettiest patios, which is surrounded by a jungle of foliage. This West Hollywood restaurant offers gorgeous dark wood family-style benches beneath heat lamps. No matter what’s ordered for the table, don’t skip on the milk bread.

The two patios at Botanica are an oasis in the middle of Silver Lake. Only blocks away from the historic reservoir, the patios are bright, festive, and pairs perfectly with the Manila clams, zucchini gratin, or the coriander encrusted ribs.

Michael Mina’s Los Angeles restaurant is stationed above a 75,000-square-foot five-story fitness club in Hollywood. Relevantly, the 1,500-square-foot patio can host up to 60 guests digging into the Asian-, South American-, and Middle Eastern-inspired fare.

In early 2022, West Hollywood’s popular Koi reopened in the space next door and introduced a fully covered outdoor patio to the side with plush banquettes and moody lighting. The expansive menu offers tempura shrimp, rolls, and terrific shareable Japanese entrees like miso black cod. Koi is perhaps more famous for its celebrity clientele. But given its location and updated ambiance, it’s a solid mid-week al fresco dinner.

Though the lone plant-based option on this map, De Buena Planta is also a specialist in cocktails. The spacious Silver Lake restaurant regularly books DJs to amp up the vibe. Go with a group, stake out a table, and take in the colors and vibe.

Directly on top of chef Evan Funke’s restaurant is Bar Funke. A second-story rooftop is a welcome sight in Beverly Hills, and this one exudes charm with cocktails, the full menu, and one hell of a view.

In July 2023, NYC staple restaurant Dante opened on a rooftop in Beverly Hills. The views are a splendid look toward the Hollywood Hills complete with aperitivo-style cocktails and an Italian-meets-Mediterranean menu.

Lincoln Heights’ casual brewery is the place to have a drink. There’s always plenty of seating, plus Benny Boy consistently books a rotating group of food pop-ups to accompany the house-made cider and beer.

Chef Kris Tominaga creates Southern classics paired with California flavors at Manuela. This warehouse-like space and expansive patio inside Hauser & Wirth gallery is spacious, airy, and beautifully lit at night.

Sporting one of LA’s loveliest, and nearly fully enclosed outdoor dining spaces hidden away in the Arts District, world-famous chef Enrique Olvera’s LA restaurant serves polished, modern Mexican fare. Even on the coldest nights, this patio stays toasty thanks to the four walls encompassing the patio.

Alta Adams’ back patio keeps getting more lush with its overflowing plans, and chef Keith Corbin is at the helm turning out some of LA’s most stellar comfort food. The parklet is also a heated oasis to take in oxtails and rice.

As one of LA’s single longest patio spaces, Juliet has handy outdoor seating facing Culver City’s busy Washington Boulevard while serving fare from morning to evening. The brunch scene might be even better for the patio, but the space works at all times for the Parisian bistro menu fused with LA flair.

Bar Bohemien underwent an expansion this year. It’s got an excellent vantage point of Culver City. Drinkers can order food from the first-floor vendors like Go Go Bird, Ile Bistro, and Bang Bang Noodles and bring it upstairs to eat.

Hatchet Hall’s handy side patio works well for al fresco dining. No matter which chef is at the chef's helm, this Culver City restaurant continues its tradition of serving stellar seasonal Southern fare rain or shine under a massive canopy.

The family-operated Casalena has multiple places to dine that are either outdoors or feel that way. There’s an atrium with vaulted skylights, a patio surrounded by lush greenery, a fully enclosed terrace with floor-to-ceiling glass, and a second-floor private sunroom.

Stationed on a second floor in Old Town Pasadena, Cafe Santorini opened 25 years ago with Mediterranean fare and a romantic patio that overlooks the One Colorado Courtyard.

Aside from a handful of rooms, Mírate is a multi-level, open-air restaurant with natural light and a canopy to protect diners from the elements. This is the second restaurant by chef Joshua Gil and partner Matthew Egan where Gil’s modern and personal takes on tacos, ceviches, mariscos, and a cochinita pibil are enjoyed in one of LA’s most stunning dining rooms.

Hollywood pizza hit Da Michele may have a famous name, but the nearly all-outdoor space and open view of the wood-fired oven keep customers returning for pizza, pasta, cocktails, or just to hang out. There’s also a sizeable patio at the Santa Barbara location as well.

Chef John Fraser has one of the city’s prettiest patios, which is surrounded by a jungle of foliage. This West Hollywood restaurant offers gorgeous dark wood family-style benches beneath heat lamps. No matter what’s ordered for the table, don’t skip on the milk bread.

The two patios at Botanica are an oasis in the middle of Silver Lake. Only blocks away from the historic reservoir, the patios are bright, festive, and pairs perfectly with the Manila clams, zucchini gratin, or the coriander encrusted ribs.

Michael Mina’s Los Angeles restaurant is stationed above a 75,000-square-foot five-story fitness club in Hollywood. Relevantly, the 1,500-square-foot patio can host up to 60 guests digging into the Asian-, South American-, and Middle Eastern-inspired fare.

In early 2022, West Hollywood’s popular Koi reopened in the space next door and introduced a fully covered outdoor patio to the side with plush banquettes and moody lighting. The expansive menu offers tempura shrimp, rolls, and terrific shareable Japanese entrees like miso black cod. Koi is perhaps more famous for its celebrity clientele. But given its location and updated ambiance, it’s a solid mid-week al fresco dinner.

Though the lone plant-based option on this map, De Buena Planta is also a specialist in cocktails. The spacious Silver Lake restaurant regularly books DJs to amp up the vibe. Go with a group, stake out a table, and take in the colors and vibe.

Directly on top of chef Evan Funke’s restaurant is Bar Funke. A second-story rooftop is a welcome sight in Beverly Hills, and this one exudes charm with cocktails, the full menu, and one hell of a view.

In July 2023, NYC staple restaurant Dante opened on a rooftop in Beverly Hills. The views are a splendid look toward the Hollywood Hills complete with aperitivo-style cocktails and an Italian-meets-Mediterranean menu.

Lincoln Heights’ casual brewery is the place to have a drink. There’s always plenty of seating, plus Benny Boy consistently books a rotating group of food pop-ups to accompany the house-made cider and beer.

Chef Kris Tominaga creates Southern classics paired with California flavors at Manuela. This warehouse-like space and expansive patio inside Hauser & Wirth gallery is spacious, airy, and beautifully lit at night.

Sporting one of LA’s loveliest, and nearly fully enclosed outdoor dining spaces hidden away in the Arts District, world-famous chef Enrique Olvera’s LA restaurant serves polished, modern Mexican fare. Even on the coldest nights, this patio stays toasty thanks to the four walls encompassing the patio.

Alta Adams’ back patio keeps getting more lush with its overflowing plans, and chef Keith Corbin is at the helm turning out some of LA’s most stellar comfort food. The parklet is also a heated oasis to take in oxtails and rice.

As one of LA’s single longest patio spaces, Juliet has handy outdoor seating facing Culver City’s busy Washington Boulevard while serving fare from morning to evening. The brunch scene might be even better for the patio, but the space works at all times for the Parisian bistro menu fused with LA flair.

Bar Bohemien underwent an expansion this year. It’s got an excellent vantage point of Culver City. Drinkers can order food from the first-floor vendors like Go Go Bird, Ile Bistro, and Bang Bang Noodles and bring it upstairs to eat.

Hatchet Hall’s handy side patio works well for al fresco dining. No matter which chef is at the chef's helm, this Culver City restaurant continues its tradition of serving stellar seasonal Southern fare rain or shine under a massive canopy.

Beverly Hills could be forced to allow hundreds of new apartments

Photo by Anna Scott.Beverly Hills is the latest in a string of upscale cities that could soon be forced to permit hundreds of new apartments against its will, thanks to an increasingly popular, once-obscure California law known as the “builder’s remedy.” It allows real estate developers to flout local zoning regulations in cities that are out of compliance with the state’s tough new laws around housing production.Developer Leo Pustilnikov recently filed a half dozen applications for projects in Beverly ...

Photo by Anna Scott.

Beverly Hills is the latest in a string of upscale cities that could soon be forced to permit hundreds of new apartments against its will, thanks to an increasingly popular, once-obscure California law known as the “builder’s remedy.” It allows real estate developers to flout local zoning regulations in cities that are out of compliance with the state’s tough new laws around housing production.

Developer Leo Pustilnikov recently filed a half dozen applications for projects in Beverly Hills using builder’s remedy, and says he plans to file a half dozen more. The largest and most controversial would bring an estimated 15-story apartment building to what’s now a parking lot on South Linden Drive, just south of Wilshire Boulevard. Altogether, Pustilnikov’s proposals could create as many as 1,000 new apartments in Beverly Hills — more than twice as many as the city produced during the two decades from 2000 to 2020.

Local leaders don’t like it.

“The builder’s remedy concept takes areas that were thoughtfully designed and upends that,” said Beverly Hills Mayor Julian Gold. “We know best what our community wants.”

Pustilnikov’s lawyer, Dave Rand, says there’s a simple way for city officials to regain control over land use.

“They just need to comply with state housing law and plan for the housing that the state requires,” he says. “It’s not complicated.”

The builder’s remedy has been part of California state law since 1990, but developers only started exercising it in the last few years, emboldened by tougher state laws around how cities must plan for new housing. Conflicts like the one bubbling up in Beverly Hills reflect a larger tug-of-war over how much control local officials should have over their own growth amid housing shortages and a regional homelessness crisis.

Every eight or nine years, under state law, cities in California are required to create housing plans (or “housing elements,” in policy parlance) to accommodate projected population growth. Cities don’t have to necessarily build the housing; they just have to demonstrate that they’ve analyzed demand and mapped out areas where the needed housing could go, should builders come in with proposals.

But before 1990, the process wasn’t taken very seriously, says Chris Elmendorf, a law professor at UC Davis who specializes in land use and has studied the builder’s remedy.

“Something like half the cities in the state weren't even bothering to go through the motions of adopting a housing element,” he says. Enter the builder’s remedy. It stipulated that in cities out of compliance with housing element law, developers could come in and circumvent local rules on things like height limits or design specifications. Builder’s remedy projects also have to include some percentage of units priced for low- or moderate-income renters for the area. (The exact ratio depends on the level of affordability.)

At the time the builder’s remedy was introduced, “everybody who was describing why it was such a big deal said it's going to make cities finally take this housing planning process seriously,” says Elmendorf. Which it did, but very much on cities’ own terms. Turns out simply producing a housing element — which predicts demand for housing at various affordability levels and maps out where that potential housing could go — doesn’t guarantee that the plan is robust or realistic.

For example, during one nearly decade-long cycle, Beverly Hills officials calculated that they needed three new units of below market-rate housing.

“Their theory for why they only needed three units was: ‘Our population isn't growing,’” says Elmendorf. “But the reason their population wasn't growing was because they didn't allow any new housing to be built.”

To be fair, Beverly Hill annihilated its three-unit goal by ultimately permitting nine. But Elmendorf says that’s how it went in a lot of California cities in terms of housing production — conservative, self-imposed quotas kept new housing production low.

Since 2019, however, California state officials have passed a slew of new laws adding teeth to housing planning requirements. Officials have also set a statewide goal of 2.5 million new units by 2030, which means higher goals for cities and counties in their local housing elements on top of tougher enforcement. Those developments combined, Elmendorf says, have given developers confidence to seize on the once unused builder’s remedy. By last count, 101 cities and counties were out of compliance with state housing law across California, opening themselves up to builder’s remedy proposals.

Recently, developers have initiated dozens of projects under the law in Santa Monica, Redondo Beach, Del Mar and West Hollywood, to name a few. Pustilnikov’s company has been behind several of the proposals. In May, his company struck a deal with Santa Monica to cancel all but one of 14 builder’s remedy applications they’d filed there in exchange for streamlined approval of 10 smaller versions of those projects. Santa Monica has since come into compliance with housing planning requirements.

“I feel strongly about it because there is a lack of housing,” Pustilnikov says about filing such a high number of builder’s remedy applications. “Rents have increased tremendously throughout the region.”

The builder’s remedy also presents an opportunity for developers. So far, the applications have all been filed in upscale areas, says Elmendorf, because the affordability requirements are based on area median income. Pricey cities offer better potential returns on investment.

Beverly Hills has been tasked by the state with planning for 3,104 units by 2029. So far, its attempts have been rejected by the state, opening the door for Pustilnikov’s builder’s remedy proposals. Mayor Julian Gold says that while the city will keep trying to come up with an acceptable housing element, he considers the goal unreasonable.

“I mean, does somebody really want us to increase our housing by half in eight years?” he asks. His math is based on Beverly Hills having an estimated 8,475 apartments by last count (not counting single-family homes). Gold says he and other city officials are tracking a court case involving Huntington Beach. In March, the state sued the city for being out of compliance with housing planning requirements. Huntington Beach sued right back over the number of housing units it was required to plan for, and the case is still working its way through federal court. Gold says the outcome could be a bellwether for cities like his.

Gold doesn’t view it as the city’s job to address greater LA’s housing crisis, or to make room for people priced out of the local housing market.

“There is a lot of land in this state,” he says. “County land, state land, certainly the feds have land.” If the state really wants to build housing, he suggested, they should invest in building new communities on cheaper, publicly-owned land. But of course, government officials couldn’t force people to live there.

“You offer people an opportunity,” he says.

Correction 7/7/23: An earlier version of this story incorrectly stated that Newport Beach was sued by the state over its housing element. It is Huntington Beach, not Newport Beach. The story has been updated to reflect that.

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Beverly Hills residents fight back against removal of ficus trees

BEVERLY HILLS, Calif. — Some iconic trees in Beverly Hills are coming down.Earlier this year, the City of Beverly Hills began a sidewalk renovation project that included the removal of 87 mature ficus trees along Robertson Boulevard, to be replaced by Mexican fan palms and crepe myrtles.The city says they have already removed 49 out of the 87 total trees included in the project.Some residents and business owners along Robertson Boulevard have fought back against the project, including Wendy Klenk, who has been figh...

BEVERLY HILLS, Calif. — Some iconic trees in Beverly Hills are coming down.

Earlier this year, the City of Beverly Hills began a sidewalk renovation project that included the removal of 87 mature ficus trees along Robertson Boulevard, to be replaced by Mexican fan palms and crepe myrtles.

The city says they have already removed 49 out of the 87 total trees included in the project.

Some residents and business owners along Robertson Boulevard have fought back against the project, including Wendy Klenk, who has been fighting in court to pause the removal of any more trees until it can be re-evaluated and include a conversation with the community.

“They cut down the tree in front of my office, so that was upsetting,” Klenk said. “Everyone on the block was coming out going what’s going on? Why are they cutting the trees down?”

Klenk argues that not all 87 trees were causing damage, so not all should be cut down.

Activists, environmentalists and arborists agree the ficus trees provided a crucial amount of shade canopy, which keeps the city cool. Arborists say Mexican fan palms and crepe myrtles don’t provide the same shade that a ficus does, and in an era of global warming, Klenk and others who are opposed to the project said we need more shade from trees, not less.

To prove this point, Klenk walks along Robertson Boulevard with a temperature gun that measures the temperature fluctuations under the trees versus in the open sun.

“So this is a thermometer, and you can point it and it will measure the temperature of the sidewalk. So it’s reading right now 105. We’ve been measuring the temperature under the trees. We’ll put it here and it’s 69.4,” Klenk said.

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Owner of art one gallery, Helen Randall, said since the tree outside her store has been removed, the temperature inside has skyrocketed. She’s spending over $4,000 to install UV shades on her windows.

“A major concern is the fading of the artwork. But when the shades are down, we eliminate the visibility of being a store on a busy street. And it makes me think, why be here? We can be on a side street,” she said.

Randall, along with several other business owners on Robertson Boulevard, have joined Klenk in the fight against the city’s plan.

Spectrum News reached out to the City of Beverly Hills, and they responded with this statement:

“The trees were causing extensive damage to the sidewalk, resulting in multiple tripping accidents. Over the years, the city had repaired the sidewalk numerous times to the point where we needed to replace the sidewalk, which resulted in causing damage to the existing ficus tree root structure. To remedy this, the city replaced the ficus trees with a new variety of trees that provide shade.”

The City of Beverly Hills’ own urban forest management plan not only said that palm trees are poor shade trees, but even recommended palm trees that are not historically significant “should be assessed and selected for strategic removal and replacement with a service-providing shade tree.”

Beverly Hills' First Republic Branch Becomes Chase Bank Overnight

First Republic Bank became the second-largest bank failure in U.S. history over the weekend. Here's what it means for local customers.BEVERLY HILLS, CA — A First Republic Bank branch in Beverly Hills was among 10 in Los Angeles and Orange County that became a JP Morgan Chase Bank overnight after regulators seized First Republic in what's being called the second-largest bank failure in U.S. history.The change stems from a fast-paced series of events over the weekend, but local customers were being assured Monday morning ...

First Republic Bank became the second-largest bank failure in U.S. history over the weekend. Here's what it means for local customers.

BEVERLY HILLS, CA — A First Republic Bank branch in Beverly Hills was among 10 in Los Angeles and Orange County that became a JP Morgan Chase Bank overnight after regulators seized First Republic in what's being called the second-largest bank failure in U.S. history.

The change stems from a fast-paced series of events over the weekend, but local customers were being assured Monday morning that their money was safe. The bank was the 14th largest U.S. bank with 84 locations across eight states, the New York Times reported.

"JPMorgan will protect all deposits, insured and uninsured, bringing our financial strength, capabilities and capital to support First Republic's clients and the U.S. banking system," Chase officials said in a statement. "JPMorgan Chase has been a leader in financial services for more than 200 years, and we look forward to continuing to serve you and be deserving of your trust and business."

Chase noted that all banking offices will be operating as usual, and customers can continue to manage their funds through www.FirstRepublic.com or on the bank's mobile app.

First Republic was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. The FDIC, in turn, entered into an agreement to sell the bank's assets to JPMorgan Chase.

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As a result, the First Republic Bank branches opened Monday morning as branches of JPMorgan Chase, including the branch at 9593 Wilshire Blvd in Beverly Hills.

First Republic’s shareholders and debt holders will be wiped out in the deal, according to the Times.

First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits as of April 13, 2023, according to the FDIC.

First Republic Bank was based in San Francisco. It is the third and biggest U.S. bank to fail this year, following the collapse of Silicon Valley Bank in March and Signature Bank. First Citizens Bank eventually acquired Silicon Valley Bank and a subsidiary of New York Community Bank bought most of Signature Bank after they were taken into receivership by the FDIC.

First Republic Bank had 7,213 employees as of 2022 and served customers in Connecticut, Florida, Massachusetts, New York, Oregon, Wyoming in addition to California.

On Friday, shares of First Republic Bank stock closed at $3.51, down more than 97% to date. Trading of the bank's shares was halted on the New York Stock Exchange several dozen times last week because of its value was so volatile. The bank announced on April 24 it lost $100 billion worth of deposits during the first three months of the year.

Gov. Gavin Newsom issued a statement saying, "In close partnership and coordination with the FDIC, California DFPI took decisive and critical action to stabilize the situation, avert layoffs, and protect Californians. The swift action by FDIC to secure a purchaser for the bank will protect depositors, including uninsured depositors."

The failure of First Republic is second in size only to the 2008 collapse of Washington Mutual, which was also taken over by JPMorgan Chase.

President Joe Biden, speaking to reporters outside the White House Monday, sought to assure the public that bank funds are safe.

"Regulators have taken action to facilitate the sale of First Republic Bank and ensure that all depositors are protected, and the taxpayers are not on the hook," he said. ``These actions are going to make sure that the banking system is safe and sound and that includes protecting small businesses across the country who need to make payroll for workers.

``Let me be very clear, while depositors are being protected, shareholders are losing their investments, and critically, taxpayers are not on the hook, as I said earlier."

City News Service. Patch Staffer Paige Austin contributed to this report.

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