Regulators seize First Republic Bank, sell assets to JPMorgan

Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co on Monday , in a deal to resolve the largest US bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.

Barely a week later, California regulators on Monday seized First Republic and put it into FDIC receivership alongside the sale of its assets, marking the third major US bank failure in two months and the largest since Washington Mutual in 2008. "Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan Chairman and CEO, who had been a key player in the 2008 financial crisis as well and bought Bear Stearns in a weekend rescue.

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