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The Federal Deposit Insurance Corporation (FDIC) announced that First Republic Bank was closed today by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. The FDIC is entering into a purchase and assumption agreement with JPMorgan to assume all of the deposits and substantially all of the assets of First Republic Bank.
As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan, and will have full access to all of their deposits.
As of April 13th, 2023, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits.
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