The Federal Deposit Insurance Corp had been expected to announce a deal on Sunday night, with the regulator likely to say at the same time that it had seized the lender, three sources previously told Reuters.
First Republic Bank Crisis, Latest News: California regulators seize First Republic Bank. JP Morgan Chase is taking over all deposits and most assets., Companies News, Times Now
All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
Deposits at regional banks have stabilized and the Biden administration can use the same tools it used in recent weeks to address financial stress if needed, she said.