California Financial Regulator Takes Possession of First Republic Bank

REUTERS/Loren Elliott
A security guard stands outside a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023.

The California Department of Financial Protection and Innovation (DFPI)said on Monday that regulators had seized First Republic Bank FRC.N, in what is the third major U.S. bank to fail in two months.

DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.