Federal regulators seized First Republic Bank early this morning and sold it to JPMorgan Chase Bank in a deal aimed at quelling weak links in the nation’s banking industry. Via the Washington Post:

In a statement issued early Monday, the Federal Deposit Insurance Corp. said that all depositors of First Republic Bank will become depositors of JPMorgan and will have full access to their deposits.

The deal involved a “highly competitive bidding process,” the FDIC said in its statement, but it did not say what JPMorgan is paying to purchase First Republic.

Under the deal, JPMorgan acquires “substantially all” First Republic assets and agrees to assume responsibility for all of its deposits, including those above the federal insurance limit of $250,000 per account. First Republic had about $229.1 billion in assets and $103.9 billion in deposits.