JPMorgan Chase & Co will buy most of First Republic Bank’s assets in a last-ditch rescue led by US regulators, marking the third major US institution to fail in two months. The deal, announced on Monday by regulators who said they had seized the First Republic, will see JPMorgan take $173 billion of loans, $30 billion of securities and $92 billion of deposits of the failed lender.

First Republic Bank shares tumbled 43.3% in premarket trading. The stock has lost 97% of its value this year. JPMorgan shares rose 2.7%.