Regulators worked through the weekend to find a way forward before U.S. stock markets opened.
NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
San Francisco-based First Republic is the third midsize bank to fail in two months. The only larger bank failure was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan.
First Republic
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