May 1 (Reuters) - The California Department of Financial
Protection and Innovation (DFPI)said on Monday that regulators
had seized First Republic Bank , in what is the third
major U.S. bank to fail in two months.
DFPI appointed the Federal Deposit Insurance Corporation
(FDIC) as receiver of First Republic and said it accepted a bid
from JPMorgan Chase Bank, National Association, Columbus, Ohio,
to assume all deposits.
(Reporting by Saeed Azhar, Nupur Anand and Tatiana Bautzer in
New York; Editing by Stephen Coates and Kirsten Donovan)
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