Regulators have seized control of First Republic Bank and sold it to JPMorgan Chase, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system.
First Republic, whose assets were battered by the rise in interest rates, struggled to avoid a government takeover after two other lenders collapsed last month, spooking depositors and investors.
As part of a deal announced early Monday after officials scrambled over the weekend, First Republic was taken over by the Federal Deposit Insurance Corporation and immediately sold to JPMorgan.
On Monday, 84 First Republic branches in eight states will reopen as JPMorgan branches.
This is a developing story. Check back for updates.
Rob Copeland contributed reporting.