History of First Republic Bank in Timeline
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.
July 1, 1985: First Republic Bank Begins Operations
On July 1, 1985, First Republic Bank started its operations as a California-chartered industrial loan company.
July 1997: Law Passed Enabling Conversion of Nevada Thrift
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.
January 2000: First Republic Acquires Interest in Froley, Revy Investment Company Inc.
In January 2000, First Republic acquired an 18% interest in Froley, Revy Investment Company Inc.
December 2001: First Republic Acquires Starbuck, Tisdale & Associates
In December 2001, First Republic acquired Starbuck, Tisdale & Associates for $13 million in cash and stock.
July 2010: Bank of America Sells First Republic
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.
December 2010: First Republic Becomes Public Again
In December 2010, First Republic once again became a public company via an initial public offering, raising $280.5 million.
November 2012: First Republic Acquires Luminous Capital
In November 2012, First Republic acquired Luminous Capital, a wealth management firm with $5.5 billion in assets, for $125 million.
December 2016: First Republic Acquires Gradifi
In December 2016, First Republic, under CIO Hafize Gaye Erkan, acquired Gradifi, a startup focused on student loan debt assistance for employees.
March 2018: Bank Invests in CommonBond
In March 2018, First Republic Bank invested in CommonBond, a student loan financier.
March 2023: Credit Rating Downgrades
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.
March 16, 2023: Eleven Banks Deposit $30 Billion with First Republic
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.
May 1, 2023: FDIC Closes First Republic and Sells to JPMorgan Chase
On May 1, 2023, amid the 2023 United States banking crisis, the FDIC closed First Republic Bank and sold it to JPMorgan Chase.
