On April 28, 2023, First Republic Bank announced plans to begin selling bonds and securities at a loss to raise equity, as well as plans to begin laying off employees. On the same day, the Federal Deposit Insurance Corporation announced that they were considering seizing the bank. The next day, the FDIC approached various banks saying they had until April 30 to place bids for First Republic Bank.
On May 1, 2023, less than two months after the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank, the FDIC announced that First Republic Bank had been closed and its deposits and assets were sold to JPMorgan Chase. With assets totaling US$229.1 billion, its closure had become the second-largest bank failure in the United States, surpassing Silicon Valley Bank which failed in March and only being overtaken by Washington Mutual in first.
.svg "First Republic Bank 1996 (Slogan).svg (47 KB)")
.svg "First Republic Bank 1996 (Stacked).svg (28 KB)")
.svg "First Republic Bank 1996 (Icon).svg (65 KB)")