JPMorgan Chase pays $10.5 billion to acquire failed First Republic Bank

COLUMBIA, S.C. (CNN)– JPMorgan Chase is paying more than $10.5 billion to acquire most of the failed First Republic Bank.

The Federal Deposit Insurance Corporation has already taken control of the embattled bank, which has been teetering for weeks.

First Republic is the second-largest bank failure in the nation’s history.

As part of the transaction, First Republic’s 84 offices will reopen as branches of JPMorgan Chase.

At the end of March, First Republic had assets of $233 billion.

According to the Federal Reserve, it was the 14th largest bank in the U.S.