JPMorgan Chase Acquires First Republic Bank After Seizure.

First Republic Bank, a California-based lender, was seized by regulators and sold to JPMorgan in the second-largest bank failure in U.S. history. The Federal Deposit Insurance Corp. (FDIC) said the bank's failure was due to "unsafe and unsound banking practices." The acquisition will add $5.9 billion in deposits and $4.2 billion in assets to JPMorgan's balance sheet. The banking industry has been hit hard by the coronavirus pandemic, with many lenders struggling to stay afloat.