US regulators seize California’s First Republic Bank

US financial authorities have taken possession of California’s troubled First Republic Bank, which will be acquired by JPMorgan Chase, government regulators announced today in the latest banking failure.

“To protect depositors, the FDIC (Federal Deposit Insurance Corporation) is entering a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” the FDIC said in a statement.