First Republic Bank (FRB) became the third largest American bank which collapsed within two months.

The California Department of Financial Protection and Innovation (DFPI) announced today that it has placed FRB under its oversight.

The DFPI has appointed a federal agency (the Federal Deposit Insurance Corporation FDIC) to oversee the listed bank.

In addition, he announced that he had accepted an offer from JPMorgan Chase Bank and the National Association, Columbus, Ohio, to manage all deposits.

For its part, JPMorgan announced that it had acquired a significant portion of the Fed’s assets, taking on specific financial obligations of the bank.

^{Source: Reuters.}