Bank ETFs hold steady after JPMorgan Chase takes over First Republic after FDIC seizure of troubled bank

U.S. exchange-traded funds that invest in bank stocks were steady on Monday morning after regulators seized troubled First Republic Bank , 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 in a bid to head off renewed stress in the country’s banking system. Shares of the SPDR S&P Regional Banking ETF were down 0.5% and the SPDR S&P Bank ETF dropped 0.3%. The Invesco KBW Bank ETF was 0.7% lower, while the Invesco KBW Regional Banking ETF declined by 0.8%, according to FactSet data.

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