President Joe Biden said depositors of a bank seized by federal regulators Monday would be protected and promised continued actions to keep the banking system “safe and sound.”

First Republic Bank became the third major bank to collapse in under two months when overnight it was taken over by the Federal Deposit Insurance Corporation (FDIC) and sold to JPMorgan Chase.

“Let me be very clear, all depositors are being protected,” Biden said in remarks from the Rose Garden. “Shareholders are losing their investments. And critically, taxpayers are not the ones that are on the hook.”