JPMorgan Chase is buying failed First Republic Bank's deposits and a "substantial amount of their assets and certain liabilities."

First Republic Bank has been closed and put into the receivership of the Federal Deposit Insurance Corporation (FDIC) and then sold to JPMorgan.

This marks the third time the U.S. government has taken control of a U.S. lender this year.

JPMorgan is acquiring a significant amount of First Republic Bank's assets, including loans and securities, as well as assuming their deposits.

The total value of assets being acquired by JPMorgan is approximately $203 billion ($173 billion in loans and $30 billion in securities).

First Republic's 84 branches will be rebranded, and they will open as normal on Monday.

The FDIC estimates that this acquisition will cost the Deposit Insurance Fund about $13 billion.

First Republic is the third — and biggest — U.S. bank to fail this year.

The government protected bank customers, but it didn't bail out shareholders who were wiped out.

First Republic attempted to sell itself but found few takers, leaving a government-led rescue as the only available option.