First Republic Bank closed, JPMorgan Chase Bank, National Association assumes all deposits

First Republic Bank of San Francisco was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 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. Read the press release at the FDIC site.