First Republic Bank News, First Republic Bank becomes second-largest ever US bank failure

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First bank UK

The California Department of Financial Protection and Innovation announced early Monday that First Republic had been closed and put into the receivership of the the Federal Deposit Insurance Corporation (FDIC) and then sold to JPMorgan.


According to NBC News  First Republic Bank was taken over by FDIC and sold to JPMorgan Chase on May 1, 2023. The FDIC estimates the cost of First Republic’s receivership will be about $13 billion. The bank has 84 branches in eight states and they will reopen as branches of JPMorgan Chase.


USA Today  reports that First Republic Bank is the third midsize bank to fail in two months and the second largest bank failure in U.S. history

Yes, First Republic Bank became the second-largest ever US bank failure after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion. The bank was seized by the Federal Deposit Insurance Corp. early Monday and sold to JPMorgan Chase in a deal that will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets.

The  Bank appeared to be back on the right track last month after the four biggest U.S. banks—JPMorgan Chase, Bank of America, Citigroup and Wells Fargo—each made $5 billion deposits. 

However, according to CBS News First Republic Bank has $229 billion in assets, making it the second-biggest bank to collapse in U.S. history after the 2008 failure of Washington Mutual, which at the time had roughly $309 billion. 


There are conflicting reports about the financial status of First Republic Bank. According to a Twitter user and author Robert Kiyosaki, the bank is on the verge of bankruptcy and its wire transfer transactions have been halted However, the bank itself has stated that its liquidity and deposits remain strong, and the US government has announced that it will cover deposits 100% There are also reports that investors are wary of the bank due to concerns about unrealized losses on assets.

Location: United States
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