About our First Republic Bank news
Latest news on First Republic Bank, a defunct San Francisco-based commercial bank and wealth management services provider that catered to low-risk, high-net-worth individuals. It operated 93 offices across 11 states, mainly in New York, California, Massachusetts, and Florida. Over the years, the bank went through various acquisitions, mergers, and ownership changes, including being acquired by Merrill Lynch in 2007 and later sold to a group of private investors in 2010.
In March 2023, during the United States bank failures, concerns emerged that First Republic Bank might also experience a bank run. Despite reassurances from the company's executives and the FDIC, shares of the bank fluctuated wildly alongside other US regional banks. To secure its continued operation, First Republic secured $30 billion in combined financial assistance from eleven larger competitors, including Citi, Bank of America, Wells Fargo, Truist, Morgan Stanley, State Street, BNY Mellon, US Bank, PNC, and Goldman Sachs on 16 March, 2023.
On 1 May 2023, the FDIC announced the closure of First Republic Bank and the seizure of its assets. These assets were subsequently sold to JPMorgan Chase for $10.6 billion, encompassing nearly all of First Republic Bank's holdings.