First Republic Bank, headquartered in San Francisco, was a commercial bank specializing in wealth management services for high-net-worth individuals. It operated across 11 states with a significant presence in New York, California, Massachusetts, and Florida. The bank was closed by the FDIC on May 1, 2023, during the 2023 United States banking crisis, and subsequently sold to JPMorgan Chase.
On July 1, 1985, First Republic Bank started its operations as a California-chartered industrial loan company.
In July 1997, a law was passed by the Nevada Legislature which allowed the conversion of a Nevada thrift into a Nevada state bank, shortly after First Republic completed a reverse merger of the larger California-chartered thrift into the Nevada-chartered Silver State Thrift subsidiary.
In January 2000, First Republic acquired an 18% interest in Froley, Revy Investment Company Inc.
In December 2001, First Republic acquired Starbuck, Tisdale & Associates for $13 million in cash and stock.
In July 2010, Bank of America sold First Republic Bank to a group of private investors for approximately $1 billion, with an additional $800 million provided to meet capital requirements.
In December 2010, First Republic once again became a public company via an initial public offering, raising $280.5 million.
In November 2012, First Republic acquired Luminous Capital, a wealth management firm with $5.5 billion in assets, for $125 million.
In December 2016, First Republic, under CIO Hafize Gaye Erkan, acquired Gradifi, a startup focused on student loan debt assistance for employees.
In March 2018, First Republic Bank invested in CommonBond, a student loan financier.
During March 2023, Fitch Ratings and S&P Global Ratings downgraded First Republic's credit rating, citing a high proportion of uninsured deposits and a high loan-to-deposit ratio.
On March 16, 2023, in response to concerns of a bank run, eleven American banks deposited $30 billion with First Republic Bank to support withdrawals and alleviate concerns.
On May 1, 2023, amid the 2023 United States banking crisis, the FDIC closed First Republic Bank and sold it to JPMorgan Chase.
Bank of America is a multinational investment bank and financial...
California is the most populous US state located on the...
JPMorgan Chase Co incorporated in Delaware and headquartered in New...
Nevada a landlocked state in the Western US is the...
Student loans are financial tools to fund post-secondary education covering...
A bank is a financial institution that plays a crucial...
6 days ago MLB Strikeout Props: Robbie Ray Featured in Bets and Pitcher Picks on 6/20
3 months ago Quinn Priester traded to Brewers for prospect and draft pick.
19 days ago Wilyer Abreu sits against righty as Red Sox address roster with injury news.
Holly Holm is an American mixed martial artist and former UFC Women's Bantamweight Champion She competed in the women's Bantamweight...
Corey Seager is an American professional baseball shortstop currently playing for the Texas Rangers He was previously with the Los...
16 days ago Yankees vs Royals: How to watch Seth Lugo pitch; Judge's performance previewed.
Jupiter is the fifth and largest planet from the Sun...
Cristiano Ronaldo often called CR is a Portuguese professional footballer...
A blue moon is defined in several ways most commonly...
Donald John Trump is an American politician media personality and...
Zohran Kwame Mamdani is a Uganda-born American politician representing New...
Candace Owens is an American conservative and far-right political commentator...