US regulator seizes First Republic Bank, sells assets to JP Morgan Chase

United States regulators said on Monday First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase & Co, in what is the third major U.S. institution to fail in two months.

The Wall Street major bank will take most of First Republic’s assets and all the deposits, including uninsured ones, the regulators said in a statement. ---More...