JPMorgan Chase acquires deposits and assets of failed First Republic Bank after competitive bidding process overseen by the FDIC. 

The acquisition includes approximately $92 billion of deposits and majority of First Republic Bank's assets, including around $173 billion of loans and $30 billion of securities. 

JPMorgan CEO Jamie Dimon says the acquisition will modestly benefit the company overall, be accretive to shareholders, and is complementary to its existing franchise. 

Purchase will minimize costs to the FDIC's deposit insurance fund, estimated to be around $13 billion.

What to look for:

First Republic's 84 branches will now open as JPMorgan Chase Bank branches, with depositors having full access to their money.

Acquisition reinforces JPMorgan's position as the biggest bank in the country, giving it a significant competitive advantage over other financial institutions.

JPMorgan's acquisition of First Republic Bank's assets and deposits will also provide a significant amount of liquidity to help weather potential economic storms in the future.

The acquisition will bring more calm to the banking sector, laying to rest outstanding investor concerns on liquidity and boosting investor confidence in the sector