NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history.

The Federal Deposit Insurance Corp. then promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system.

It’s the third midsize bank to fail in less than two months, following Siloicon Valley Bank and Signature Bank. The only larger bank failure in U.S. history was Washington Mutual, which collapsed at the height of the 2008 financial crisis and was also taken over by JPMorgan in a similar government-orchestrated deal.

“Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.

First Republic’s 84 branches opened on Monday as branches of JPMorgan Chase, which acquired the bank’s $92 billion in deposits and $203 billion in loans and other securities. The bank’s shareholders are likely to be wiped out as part of the deal.

Dimon said in a conference call with both reporters and investors that he believed “this part of this (banking) crisis is over.” Other midsize banks reported their results last week and the vast majority of them showed deposits had stabilized and profits remained relatively healthy.

Before this year, First Republic was the envy of the banking industry. Its well-appointed branches served warm cookies to its clients — who were almost exclusively the rich and powerful. Its bankers lured in wealthy clients with low-cost mortgages and attractive savings rates in order to sell them on higher profit businesses like wealth management and brokerage accounts.

But that business model of catering to the rich became a liability with the collapses of Silicon Valley Bank and Signature Bank. These banks had large amount of uninsured deposits — that is, deposits above the $250,000 limit set by the FDIC. As was the case with Silicon Valley Bank and Signature Bank, First Republic clients with large accounts were quick to pull their money at the first sign of trouble.

“Too many (First Republic) customers showed their true loyalties were to their own fears,” wrote Timothy Coffey, an analyst with Janney Montgomery Scott, in a note to investors.

“These banks were allowed to get too big too quickly when interest rates were low,” Coffey said in an interview.

JPMorgan expects to recognize a one-time gain of $2.6 billion tied to the transaction, according to a statement. The bank will make a $10.6 billion payment to the FDIC and estimated it will incur $2 billion in related restructuring costs over the next 18 months.

The $92 billion in deposits includes the $30 billion that JPMorgan and other large U.S. banks put into the beleaguered lender in March to try to stabilize its finances. JPMorgan vowed that the $30 billion would be repaid.