U.S. regulator seizes First Republic Bank, to sell assets to JP Morgan By Reuters

(Reuters) -The Which securities can be traded in foreign exchangeCalifornia Department of Financial Protection and Innovation (DFPI) said on Monday it had closed (NYSE:) and agreed a deal to sell its assets to JPMorgan Chase & Co (NYSE:) and National Association, in what is the third major U.S. bank to fail in two months.

JPMorgan bank was one of several interested buyers including PNC Financial Services Group (NYSE:), and Citizens Financial (NYSE:) Group Inc, which submitted final bids on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said over the weekend.

A deal for First Republic, which had total assets of $229.1 billion as of April 13, comes less than two months after Silicon Valley Bank and (OTC:) failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to stabilize markets. Those failures came after crypto-focused Silvergate voluntarily liquidated.

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