May 1 Reuters United States regulators said on Monday First Republic Bank has been seized and a deal agreed to sell the bank to JPMorgan Chase Co, in what is the third major U.S. institution to fail in two months.

The banking giant will take 173 billion of loans and about 30 billion of securities of First Republic Bank including 92 billion of deposits, JPMorgan said in a statement. It is not assuming the bank39;s corporate debt or preferred stock.

First Republic Bank shares tumbled 36 in premarket trading. The stock has lost 97 of its value this year. JP Morgan shares rose 2.6 while SP 500 futures were trading flat.

JPMorgan was one of several interested buyers including PNC Financial Services Group, and Citizens Financial Group Inc, which submitted final bids on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said over the weekend.

The California Department of Financial Protection and Innovation announced early on Monday it had taken possession of First Republic and the Federal Deposit Insurance Corporation FDIC would act as its receiver.

The FDIC estimated in a statement that the cost to the Deposit Insurance Fund would be about 13 billion. The final cost will be determined when the FDIC terminates the receivership.

The rescue comes less than two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to stabilize markets….