PNC Financial Services Group was one of the banks this weekend bidding on First Republic Bank with federal regulators, according to reports.

The Pittsburgh-based bank, which has one of its regional tech and innovation hubs in Birmingham, eventually lost out to JPMorgan Chase and Co., according to The Wall Street Journal. Federal regulators seized the bank’s assets today.

First Republic, based in San Francisco, was the third major U.S. bank to fail since March and the second largest bank failure in history.

By contrast, Colonial Bank, once Alabama’s second largest bank, with about 350 branches and 4,500-plus employees, was the subject in 2009 of what is now the fifth largest bank failure in U.S. history.

The Journal reported that Citizens Financial Group and Fifth Third Bancorp also participated in the FDIC auction in what was described as a “highly competitive bidding process.”

San Francisco-based First Republic’s failure ranks behind only Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan.

JPMorgan will assume all of First Republic’s $92 billion in deposits, and is acquiring about $173 billion in loans and $30 billion in securities.

Bloomberg is reporting that Apollo Global Management Inc. and BlackRock Inc. were lined up to back PNC’s First Republic Bank bid.

First Republic has struggled since the March collapses of Silicon Valley Bank and Signature Bank and investors and depositors had grown increasingly worried it might not survive.

The Federal Deposit Insurance Corporation said early Monday that First Republic Bank’s 84 branches in eight states will reopen as branches of JPMorgan Chase Bank and depositors will have full access to all of their deposits.

The Associated Press contributed to this report.