Weeks after the collapse of Silicon Valley Bank, First Republic Bank became the third U.S. bank failure since March and the largest bank failure since the 2008 financial crisis.

The regional lender's operations were seized by the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation, after multiple efforts by the the ailing bank failed to persuade depositors to not withdraw funds. The San Francisco-based lender's assets and deposits total just over $330 billion.

On Monday, JPMorgan Chase (JPM  ) -- the largest U.S. bank by assets -- won the auction of First Republic's operations, with the bank taking ownership of First Republic's deposits and a "substantial majority of assets," the New York-based lender said in a statement.

"Our government invited us and others to step up, and we did," CEO Jamie Dimon said in a statement, adding that the transaction will help minimize costs to the FDIC's Deposit Insurance Fund. "This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise."

The FDIC has confirmed that First Republic's insured deposits will cost the agency's insurance fund about $13 billion. JPMorgan has picked up about $92 billion in deposits from the deal, which includes the $30 billion the bank and other bigger lenders injected into First Republic last month to aid the bank. JPM is also taking on $173 billion in loans and $30 billion in securities.

"First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours," the FDIC said in a statement. "All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits."

First Republic was a major player in the world of technology, providing accounts and other financial services to a range of tech start-ups and investment firms through its dedicated technology division.

After the failure of Silicon Valley Bank and other smaller lender Signature Bank, First Republic was quick to reassure clients and investors that its operations were stabile. Still, clients withdrew more than $100 billion in deposits during the first quarter, as many uninsured depositors feared a loss of funds if the bank failed. The bank's shares were down nearly 97% for the year at Friday's close.

Another bank failure in the technology industry leads many to worry that there's will be a longer-term fallout across both sectors as the U.S. and other global economies work to stave off a possible recession on the horizon.

Dimon told shareholders in a separate call on Monday that "this part of the crisis is over," adding that there many be a few smaller bank failures in the future, but this acquisition "pretty much resolves them all."