JP Morgan Chase has acquired all assets of First Republic Bank (FRC) after the California Department of Financial Protection and Innovation closed FRC on May 1. JPMorgan, along with other banks, submitted a bid to acquire the troubled FRC's assets on April 29.

JPMorgan will take over all assets of FRC, including uninsured deposits, and 84 locations of First Republic Bank in eight states will reopen as JPMorgan Chase Bank. FRC currently has $229.1 billion worth of assets and $103.9 billion in deposits. Further details of the acquisition are yet to be revealed.