JPMorgan to Take Over First Republic Following Bank Collapse

First Republic Bank has become the third bank to fail in recent months and the giant JPMorgan Chase will assume all of its assets, according to the Federal Deposit Insurance Corporation.

The FDIC said the deal avoids the agency having to use its emergency powers and would minimize disruptions for customers. It comes in the wake of the failure of Silicon Valley Bank and Signature Bank shortly thereafter.

Under the deal JPMorgan Chase is set to take on “all of the deposits and substantially all of the assets of First Republic Bank” after the Federal Deposit Insurance Corporation (FDIC) confirmed that the troubled bank had collapsed on Monday.

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