Shawdesh Desk:

US financial authorities have taken possession of California’s troubled First Republic Bank, which will be acquired by JPMorgan Chase bank, government regulators announced Monday after rescue efforts failed.

“To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” the Federal Deposit Insurance Corporation said in a statement.