JP Morgan Chase ($JPM@US) has acquired First Republic Bank after regulators took possession of the struggling regional bank on Monday morning. JPMorgan Chase has acquired all of First Republic’s deposits and a “substantial majority of assets,” according to a release. The regional bank borrowed heavily from the Federal Reserve to maintain its operations after a bank run in the first quarter led to it borrowing heavily from Federal Reserve facilities to maintain operations. Shares of First Republic are down 97 percent so far this year.