First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase

Regulators have seized management of First Republic Bank and bought it to JPMorgan Chase, a dramatic transfer aimed toward curbing a two-month banking disaster that has rattled the monetary system.

First Republic, whose property have been battered by the rise in rates of interest, struggled to keep away from a authorities takeover after two different lenders collapsed final month, spooking depositors and buyers.

As a part of a deal introduced early Monday after officers scrambled over the weekend, First Republic was taken over by the Federal Deposit Insurance Corporation and instantly bought to JPMorgan.

On Monday, 84 First Republic branches in eight states will reopen as JPMorgan branches.

This is a creating story. Check again for updates.

Rob Copeland contributed reporting.