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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

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

Representative Lois Frankel recently sold shares of First Republic Bank as well as purchased stock in JP Morgan, which on Monday took over First Republic following its collapse.

First Republic Bank (FRC) was seized by California regulators and sold to JPMorgan Chase (JPM), which will now assume responsibility for its debts and assets, on Monday. Shares in First Republic, a San Francisco