Another midsize US bank has gone under, the third in two months. Regulators seized First Republic Bank on Monday and sold the bulk of it to the nation's largest bank, JPMorgan Chase, reports the BBC. The move, however, which was telegraphed over the weekend, is not being received as the start of a new phase of banking turmoil. As a sign of that, Dow futures were largely unchanged early Monday in the wake of the news, notes CNBC. Coverage:
- No. 2: This is the second-biggest bank failure in US history, behind only the collapse of Washington Mutual in 2008, per the Wall Street Journal. The collapses of Silicon Valley Bank and Signature Bank in March are Nos. 3 and 4. First Republic had been teetering since the failure of the latter two banks.