Bank failure · CA

First Republic Bank (San Francisco, CA) — failed May 1, 2023

First Republic Bank of San Francisco, California was closed on May 1, 2023 and resolved through a purchase and assumption. Jpmorgan Chase Bank, N.A. (OH) took over its insured deposits. At failure it held $212.6B in assets and $176.4B in deposits. The FDIC's estimated loss on the failure is $15.5B (7.3% of assets).