Regulators seize and sell First Republic Bank to JPMorgan in second-largest US bank failure
Regulators announced early Monday morning that they seized First Republic Bank and sold its deposits to JPMorgan Chase Bank, making the San Francisco-based bank the second-largest financial institution to collapse in U.S. history.
The California Department of Financial Protection and Innovation said it appointed the Federal Deposit Insurance Corporation as receiver of the bank, and the federal agency accepted a bid from JPMorgan to assume all of First Republic’s deposits, including its uninsured deposits.
As of April 13, 2023, First Republic had $229.1 billion in assets and approximately $103.9 billion in deposits.
First Republic is the third major U.S. bank to collapse in less than two months, following the failures of Silicon Valley Bank and Signature Bank in early March.
Before the collapse of First Republic, the title of second-largest U.S. bank collapse went to SVB, which had roughly $212 billion in assets.
Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.