California Financial Regulator takes possession of First Republic Bank

The California Department of Financial Protection and Innovation (DFPI)said on Monday that regulators had seized First Republic Bank, in what is the third major U.S. bank to fail in two months.

DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.