The struggling First Republic Bank was seized Monday by federal regulators and sold to JPMorgan Chase, marking the second-biggest U.S. bank failure ever.

JPMorgan Chase says it acquired deposits and “the substantial majority of assets” from First Republic, which the Federal Reserve listed four months ago as the country’s 14th-largest commercial bank.

The collapse follows failures this year by Silicon Valley Bank, which was 16th-biggest commercial bank in the U.S., and Signature Bank, which was 29th, according to the Federal Reserve. Those banks and First Republic all operated with mostly uninsured deposits.

“Our government invited us and others to step up, and we did,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.

“This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy and it is complementary to our existing franchise.”

First Republic Bank users took out more than $100 billion after Silicon Valley Bank and Signature Bank went down. That prompted 11 major U.S. banks to come up with a combined $30 billion in an effort to save First Republic, which is based in San Francisco.

The $30 billion “bought time when time was needed” to keep First Republic temporarily afloat, JPMorgan Chief Financial Officer Jeremy Barnum told reporters Monday. Dimon, meanwhile, said he believes “this part of this [banking] crisis is over.”

Only the 2008 collapse of Washington Mutual was bigger than that of First Republic Bank. Washington Mutual’s failure also led to a JPMorgan Chase acquisition.

President Biden said he’s pleased regulators facilitated the sale to “ensure that all depositors are protected and the taxpayers are not on the hook.”

“These actions are going to make sure that the banking system is safe and sound, and that includes protecting small businesses across the country who need to make payroll for workers and their small businesses,” Biden said Monday at the White House’s Rose Garden.

The president also urged regulators to “strengthen regulations and [the] supervision of large and regional banks.” He called on Congress to support the regulators.

In mid-April, the Federal Deposit Insurance Corp. said First Republic had $229 billion in total assets and $104 billion in deposits. JPMorgan said Monday it acquired about $173 billion in loans and about $30 billion in securities while assuming approximately $92 billion in deposits.

“Deposits will continue to be insured by the FDIC, and customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits,” the agency said Monday.

Last week, First Republic Bank reported a drop in deposits by more than 40% during the first financial quarter. Months earlier, the bank said it planned to lay off 7,200 employees, accounting for about 25% of its workforce.

First Republic Bank’s 84 locations — which span eight states — remained open Monday under JPMorgan Chase.

The Federal Reserve listed JPMorgan Chase as the largest U.S. commercial bank, followed by Bank of America, Citibank and Wells Fargo.

With News Wire Services