JP Morgan is set to take over the troubled US bank First Republic in a deal brokered by regulators.
The Federal Deposit Insurance Corporation (FDIC) confirmed in a statement that First Republic had collapsed on Monday.
Investment banking giant JP Morgan will now take on "all of the deposits and substantially all of the assets of First Republic Bank".
First Republic becomes the third major US bank to collapse in recent months.
The San Francisco-based lender's shares fell by more than 75% last week after it revealed that customers had withdrawn $100bn (£79.6bn) of deposits in March.
It follows on from the collapse of Silicon Valley Bank (SVB) in March, which prompted fears of a wider banking crisis.
That was swiftly followed by the demise of another US lender, Signature Bank.
A deposit flight from US lenders has forced the Federal Reserve, the US central bank, to step in with emergency measures to stabilise financial markets.
In March, a group of 11 US banks stepped forward to pump $30bn into First Republic in a bid to stabilise the business, but the efforts proved futile.
Founded in 1985, First Republic is a mid-sized US lender, similar to SVB. For years, it has lured wealthy clients - whose money was at risk before the takeover was announced after a weekend of negotiations.
The terms of First Republic's acquisition by JP Morgan are not yet known.
Latest Stories
-
Presidency mourns deceased driver in Akufo-Addo convoy accident
25 mins -
Livestream: The Probe discusses EOCO’s handling of Cecelia Dapaah case
40 mins -
There’s no need to seek additional demolition permit from Supreme Court – Lawyer Frimpong
1 hour -
My generation hasn’t been kind to you, we failed you – Sam Jonah
1 hour -
Women in Engineering Ghana congratulates Ing. Dr. Kpekpena’s appointment as Chair of WIE global
2 hours -
One dead in Akufo-Addo convoy accident at Bunso in Eastern Region
2 hours -
Shortage of ‘bentua’ hits Accra Central
3 hours -
Arsenal beat Everton but miss out on Premier League title
3 hours -
Man City win record fourth English title in a row as Foden scores twice
3 hours -
I’ve initiated legal processes to protect my daughter and I from Medikal – Fella Makafui
3 hours -
FIFA seeks ‘legal expertise’ before decision on Israel soccer ban proposal
3 hours -
Man United end worst Premier League campaign with win over Brighton
4 hours -
Watch: Car runs over 5 people, killing police at Abrepo junction
4 hours -
Two dead in Essikado premix fuel explosion
5 hours -
Infinix Ghana wins Smartphone Brand of the Year at Ghana-West Africa Business Excellence Awards
6 hours