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

JPMorgan Chase announced Monday that it purchased First Republic Bank's deposits and "substantial amount of their assets and certain liabilities.

First Republic, a California-based company with eight branches, had a rough week before the takeover. The New York shares Exchange paused trading several dozen times last week.

As its shares plummeted. The FDIC briefly assumed control of it over the weekend before.

Overseeing the sale in a competitive bidding procedure. "Our government invited us and others to step up, and we did," JPMorgan Chase CEO.

Jamie Dimon stated. "This acquisition modestly benefits our company overall, is accretive to shareholders, helps further advance our wealth strategy.

And is complementary to our existing franchise." JPMorgan says First Republic's 84 locations will become.

JPMorgan Chase Bank branches on Monday and depositors can access their money.

First Republic is the third and largest U.S. lender to fail this year. Federal officials said it does not indicate banking industry issues.