: JPMorgan to take over First Republic after regional bank was closed

JPMorgan Chase JPM is going to take over First Republic Bank FRC after the San Francisco lender was shut by the California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corp. announced. Terms were not immediately available, but the FDIC said JPMorgan will assume all the deposits and “substantially all” the assets of First Republic. All depositors of First Republic will become depositors of JPMorgan Chase and have full access to all their deposits.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.