![]() Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.” In a statement also released by Chase, its chairman and chief executive officer Jamie Dimon said, “Our government invited us and others to step up, and we did. All 84 branches of First Republic Bank are now operating as ones of JPMorgan Chase Bank.Īccording to the FDIC, First Republic Bank had an estimated $229.1 billion in total assets and $103.9 billion in total deposits as of April 13. said in an announcement Monday that the agency would be entering a purchase and assumption agreement with JPMorgan Chase Bank to assume all deposits and substantially all assets of the bank. The former also had a location in Newport Beach on Bayview Circle.įirst Republic Bank’s failure is considered the second-largest bank failure in national history since Washington Mutual, which collapsed at the height of the 2008 financial crisis and was likewise absorbed into JPMorgan Chase Bank. ![]() The First Republic Bank branch on MacArthur Boulevard in Newport Beach is still in operation, though the California Department of Financial Protection and Innovation announced the official closure of its parent company on Monday.įirst Republic Bank, which was headquartered in San Francisco, is the third commercial bank to have failed in recent months and follows on the heels of both Signature and Silicon Valley banks, which both failed in March. ![]()
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