Regulators say JP Morgan is set to take over ailing US bank First Republic.
The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement Monday that the First Republic collapsed.
Investment banking giant JP Morgan will now take over “all of the deposits and substantially all of the assets of First Republic Bank.”
First Republic is the third major US bank to collapse in recent months.
Shares of the San Francisco-based lender fell more than 75% last week after it was revealed customers had withdrawn $100 billion (£79.6 billion) in deposits in March.
Also in March, the collapse of Silicon Valley Bank raised fears of a larger banking crisis.
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