On Monday, U.S. regulators announced the seizure of First Republic Bank and the subsequent agreement with JPMorgan Chase & Co to facilitate its sale. This marks the third significant financial institution failure in the United States within the recent two-month period. Through the sale, JPMorgan Chase & Co will acquire a portfolio of loans totaling $173 billion, approximately $30 billion of securities, and $92 billion of deposits. The FDIC has projected that the Deposit Insurance Fund will incur costs of approximately $13 billion as a result of the transaction.