First republic bank, san francisco
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First Republic Bank
| First Republic Bank | |
| Founded | 1985 |
|---|---|
| Key People | James H. Herbert II, Founder and Executive Chairman; Michael J.
Roffler, CEO and President |
First Republic Bank was the second-largest bank by assets to fail in U.S. history. It was a commercial bank that provided wealth management services to primarily high-net-worth individuals.
On Monday, May 1, 2023, U.S. regulators seized the bank and sold it to JPMorgan Chase.[1] First Republic's stock stopped trading as of May 1. Before it stopped trading, the bank had a market valuation of about $660 million, according to FactSet.[2]
In the aftermath of the collapse of Silicon Valley Bank and Signature Bank, the troubled First Republic Bank was initially bailed out by the private sector, receiving $30 billion in deposits in March 2023 from 11 of the country’s largest banks, including JPMorgan, Morgan Stanley and Wells Fargo.
However, First Republic had been deteriorating for weeks, wit