Shares of First Republic Bank will be delisted from the NYSE

Shares of First Republic Bank will be delisted from the NYSE

of First Republic Bank (FRC.N), the lender that JPMorgan

Chase & Co (JPM.N) purchased the majority of its assets after being seized by authorities.

The corporation would also delist seven different classes of its preferred stock in addition to its common stock. The exchange announced that trading in all of the shares will be stopped right away.

Merrill Lynch purchased First Republic in 2007. But following the 2008 financial crisis, it was sold by Merrill's new owner Bank of America Corp (BAC.N), and it was once more listed on the stock market in 2010.

The bank's valuation peaked in November 2021, when it exceeded $40 billion.

First Republic was taken over by California regulators on Monday and placed under the Federal Deposit Insurance Corp's receivership, making it the third significant U.S. bank failure in the past two months and the biggest since Washington Mutual in 2008.

The majority of the assets and all of the deposits of the San Francisco-based bank were taken over by JPMorgan.