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. The FDIC estimated its deposit insurance fund would take a $13 billion hit from taking First Republic into receivership. Investors were skeptical, and the devastating quarterly report sent them running for the exits.

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