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May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. Shares of JPMorgan rose 2% on Monday, while those of mid-tier banks fell and the KBW Regional Banking Index (.KRX) closed down 2.7%. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

Shares of JPMorgan and some of the other the largest U.S. banks rose on Monday, while those of mid-tier banks fell. [1/3] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. "This is not the world financial crisis, this is not the savings and loan crisis. JPMorgan also entered into a loss-share agreement with the FDIC on single family, residential and commercial loans it bought, but will not take First Republic Bank's corporate debt or preferred stock. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

First Republic was one of the major casualties of the banking crisis triggered in March, when depositors fled en masse from some U.S. lenders to institutions such as JPMorgan that they thought were safer. [1/2] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. JPMorgan said it expected to achieve a one-time, post-tax gain of about $2.6 billion after the deal. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

STEPPING UPA security guard stands outside a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund (DIF) would be about $13 billion. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. New York-based JPMorgan will take on $173 billion of loans, $30 billion of securities and $92 billion of deposits. "Our government invited us and others to step up, and we did," said Jamie Dimon, JPMorgan Chairman and CEO.

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy most of First Republic Bank's (FRC.N) assets in a last-ditch rescue led by U.S. regulators, marking the third major U.S. institution to fail in two months. First Republic Bank shares tumbled 43.3% in premarket trading. The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about $13 billion. "Our government invited us and others to step up, and we did," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, according to the JPMorgan statement.

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