JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover

A worker cleans the outside of a First Republic bank in San Francisco. The lender was taken over by regulators and sold to JPMorgan Chase, marking the third bank failure in the country this year. (Justin Sullivan/Getty Images)

Regulators took over First Republic Bank and sold a substantial chunk of its assets to JPMorgan Chase, marking the third major bank failure in the U.S. in less than two months.

The Federal Deposit Insurance Corporation (FDIC) briefly took control of First Republic over the weekend, before overseeing the sale in what it describes as a "highly competitive bidding process."