First Republic Bank seized in 2nd-largest U.S. bank failure

U.S. regulators on Monday seized control of San Francisco-based First Republic Bank, making it the second-largest bank to fail in U.S. history, and then quickly accepted a bid from JPMorgan Chase Bank for all of its deposits and most of its assets.

First Republic, a midsize bank which specialized in private banking for wealthier customers, is the third U.S. financial institution to collapse this year, raising fears of more turmoil in the sector and capital markets at home and abroad.

The Federal Deposit Insurance Corporation and California regulators announced early in the morning that the ban...