The Former First Republic Bank Branches of Santa Monica and Brentwood Will Reopen As Branches of JPMorgan Chase Bank After Regulators Seized FRB’s Assets.
The former First Republic Bank branches of Santa Monica and Brentwood will reopen as branches of JPMorgan Chase Bank after regulators seized FRB’s assets.
The California Department of Financial Protection and Innovation closed First Republic Bank, which had approximately $229.1 billion in total assets and $103.9 billion in total deposits as of April 13, 2023. The FDIC was appointed as receiver and entered into an agreement to sell the bank’s assets to JPMorgan Chase.
As a result, First Republic Bank branches opened Monday morning as branches of JPMorgan Chase, with customers being assured their deposits and assets are safe.
First Republic Bank had 7,213 employees as of 2022 and served customers in Connecticut, Florida, Massachusetts, New York, Oregon, Wyoming in addition to California. It is the third and biggest U.S. bank to fail this year, following the collapse of Silicon Valley Bank in March and Signature Bank. First Citizens Bank eventually acquired Silicon Valley Bank, and a subsidiary of New York Community Bank bought most of Signature Bank after they were taken into receivership by the FDIC.
The failure of First Republic is second in size only to the 2008 collapse of Washington Mutual, which was also taken over by JPMorgan Chase.
