First Republic Bank seized by regulators, then sold to JPMorgan Chase

Regulators seized control of First Republic Bank early Monday, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for all of First Republic’s assets, a California agency said.

The state’s Department of Financial Protection and Innovation (DFPI) said it had taken over San Francisco-based First Republic and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The DFPI said the FDIC then “accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank.”

The DFPI said it acted under California law regarding a financial entity the law describes as “conducting its…