First Republic Bank became JPMorgan

03.05.2023 The American First Republic Bank was closed by the California Department of Financial Protection and Innovation, which appointed the US Federal Deposit Insurance Corporation (FDIC) as the manager. To protect depositors, the FDIC will enter into a purchase and sale agreement with JPMorgan Chase Bank, the National Association, to take over all deposits and virtually all assets of First Republic Bank.

The volume of assets of three recently bankrupt American banks — Silicon Valley, Signature, and now First Republic — has already exceeded the amounts of 24 banks that went bankrupt in the crisis of 2008. Indeed, based on the amount of assets of First Republic ($ 229 billion as of April 13), its bankruptcy was the second largest in U.S. history — after Washington Mutual in September 2008.

First Republic Bank has 84 offices in eight states. But its name will not be preserved. All of them will eventually open as branches of JPMorgan Chase.

Link to source: https://www.fdic.gov/news/press-releases/2023/pr23034.html