JPMorgan Bank was among several interested buyers, including PNC Financial Services Group and Citizens Financial Group Inc, that placed final bids on Sunday in an auction run by US regulators, a source with knowledge of the matter said over the weekend. California's Department of Financial Security and Innovation said in a statement that JPMorgan will take over First Republic's "all deposits, all uninsured deposits and substantially all assets."

First Republic Bank, which had total assets of $229.1 billion as of April 13, is the third bank to close in less than two months after the failure of Silicon Valley Bank and Signature Bank. The Federal Reserve was forced to step in with bank auctions as emergency measures to stabilize the market. The crisis facing the bank came after the announcement of the end of the crypto-focused Silvergate.