San Francisco-based First Republic Bank, which until recently had been among the largest in Massachusetts by deposits, has been seized by federal regulators and sold to JP Morgan Chase in the largest bank failure so far this year.
Early Monday morning, the California Department of Financial Protection and Innovation announced that it has appointed the Federal Deposit Insurance Corporation as receiver of the troubled bank. The announcement said that the FDIC accepted a bid from JPMorgan Chase Bank "to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank."
The bank has three locations in Boston, as well as in Cambridge and Wellesley, all of which are expected to open later Monday as JP Morgan branches.
The likelihood that the bank would be taken over was expected after the bank saw its share price plunge 42% on Friday. As of April 13, the bank had total assets of approximately $229.1 billion and total deposits of approximately $103.9 billion, according to the regulators' announcement Monday morning.
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As of last year, First Republic was the sixth-largest bank in Massachusetts by deposits, with $17.8 billion in Massachusetts deposits. In recent weeks, its deposits declined significantly.