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First Republic Bank was seized by state regulators and sold to JPMorgan Chase on Monday after months of struggles, adding to the uncertainty surrounding the financial market.

The takeover of the San Francisco-based bank was made by regulators in California after it was found to be "conducting its business in an unsafe or unsound manner" and "being in a 'condition that … is unsafe or

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

Regulators seized First Republic Bank and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co., heading off a chaotic collapse that threatened to reignite the recent banking crisis.

JPMorgan said it will assume all of First Republic’s $92 billion in deposits—insured and uninsured. It is also buying most of the bank’s assets, including about $173 billion in loans

JP Morgan Chase is set to take over the failed First Republic bank after it collapsed in the third major bank failure in the past two months in America. In a statement, the United States national banking regulator, the Federal Deposit Insurance Corporation (FDIC), announced on Monday morning that the San Francisco-based bank had indeed failed after First Republic customers withdrew around $100