Financial regulators in California took control of First Republic Bank and appointed the Federal Deposit Insurance Corporation in charge, who then sold the bank to JPMorgan Chase, the California Department of Financial Protection and Innovation announced early Monday morning.

JPMorgan Chase has now assumed "all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank," and its 84 branches in eight states will reopen Monday as part of JPMorgan Chase.

The DFPI said it took lawful action by seizing First Republic Bank because it was “conducting its business in an unsafe or unsound manner” and was in a “condition that … is unsafe or unsound” to conduct banking business.

First Republic Bank is based in San Francisco. As of April 13, 2023, it had total assets worth approximately $229.1 billion and total deposits of approximately $103.9 billion, according to the DFIP, which added, "Its deposits are federally insured by the FDIC subject to applicable limits."