JPMorgan Chase to buy most First Republic assets

JPMorgan Chase is buying most First Republic bank assets, and assuming the lender's insured and uninsured deposits.

First Republic becomes the third US bank to fail since March. It's also the second-largest bank failure in the nation's history.

The Federal Deposit Insurance took control of the embattled First Republic and then immediately announced the sale. The failure will cost the FDIC about $13 billion. That money will be paid by the nation’s banks, which pay premiums to support the agency.

As part of the transaction, First Republic's 84 offices will re-open as branches of JPMorgan Chase.

The move represents the latest effort by federal regulators to prop up consumer confidence in the US banking system

 JPMorgan Chase is the largest bank in the United States with total global assets of nearly $4 trillion as of March 31.