First Republic Bank was seized by regulators and sold to JPMorgan Chase early on Monday morning, making it the third major bank to fail since March.

Silicon Valley Bank and Signature Bank were both taken over by the Federal Deposit Insurance Corporation in March.

The FDIC brokered the deal for JPMorgan to take over First Republic’s assets following weekend-long negotiations.

In a Monday statement, the FDIC said that deposits with the bank will continue to be insured, according to CNN.

This developing report will be updated.