Bank Failure
First Republic Bank
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Closed May 1, 2023 · San Francisco, CA · FDIC Cert #59017.
- Closing date
- May 1, 2023
- Headquarters
- San Francisco, CA
- FDIC Certificate
- 59017
- Total assets at closing
- $212.64B
- Total deposits at closing
- $176.44B
- Estimated loss to the insurance fund
- $15.50B
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- JPMorgan Chase Bank, N.A.
Context
On May 1, 2023, regulators closed First Republic Bank, headquartered in San Francisco, CA. At closing, the institution held approximately $212.64B in assets and $176.44B in deposits. The FDIC record names JPMorgan Chase Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $15.50B.
By assets at closing this is the 2nd largest of the 3,526 bank failures in the FDIC record, and the 1st of 5 in 2023. It falls in the period the record labels Regional Banking Stress (2023-present), a period with 15 failures peaking at 6 in 2026.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Republic Bank fail?
First Republic Bank was closed by regulators on May 1, 2023.
Who acquired First Republic Bank?
The FDIC record names JPMorgan Chase Bank, N.A. as the acquiring institution in the resolution of First Republic Bank.
How big was First Republic Bank when it failed?
First Republic Bank had approximately $212.64B in total assets and $176.44B in deposits at the time of failure.
Other failures in 2023
| Date | Bank | Assets |
|---|---|---|
| Nov 3, 2023 | Citizens Bank | $60.4M |
| Jul 28, 2023 | Heartland Tri-State Bank | $139.4M |
| Mar 12, 2023 | Signature Bank | $110.36B |
| Mar 10, 2023 | Silicon Valley Bank | $209.03B |
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