Second Largest Bank Failure in US History Announced

Early on Monday, regulators took control of the struggling First Republic Bank (FRC), marking the second-largest bank failure in the United States. Deposits and the majority of its assets flowed to JPMorgan Chase in an effort to alleviate the concerns surrounding the U.S. banking system's stability. This event represents the third failure of a midsize bank within a two-month period, with Washington Mutual's 2008 collapse being the only larger instance in U.S. history. JPMorgan also acquired Washington Mutual in a comparable government-assisted transaction.