San Francisco-based First Republic was put into receivership on Monday, making it the third regional US bank to fail in recent weeks, following the collapse of Silicon Valley Bank and Signature Bank.

JPMorgan submitted a bid for all of First Republic’s deposits, which stood at $103.9 billion as of April 13. It is assuming actual deposits - insured and uninsured - of about $92 billion. JPMorgan is also taking on the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and $30 billion of securities.

The FDIC says its deposit insurance fund will take a $13 billion hit.

“Our government invited us and others to step up, and we did,” says Jamie Dimon, CEO, JPMorgan Chase. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimise costs to the Deposit Insurance Fund.”

First Republic has seen its stock price lose more than 90% of its value over the last few weeks as it struggled in the wake of the SVB collapse and customers pulled out $100 billion of deposits.

First Republic’s 84 branches in eight states will reopen as JPMorgan Chase sites.