First Republic

About First Republic

First Republic Bank was seized by the FDIC on May 1, 2023, and sold to JPMorgan Chase. First Republic had 229 billion in assets, making it the second largest bank failure in US history after WaMu. The bank catered to wealthy clients with large uninsured deposits. After SVB and Signature failed, First Republic experienced massive deposit outflows, losing 100 billion in deposits in the first quarter of 2023. A group of 11 banks deposited 30 billion in an unsuccessful rescue attempt. JPMorgan acquired most of First Republics assets for approximately 10.6 billion. The three bank failures in 2023 (SVB, Signature, First Republic) had combined assets of 556 billion, more than the entire 2008 crisis.