May 02, 2023
NEW YORK — Regulators seized troubled First Republic Bank early Monday , making it the second - largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan... Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system..
May 1 (Reuters) - Regulators seized First Republic Bank (FRC.N) and sold its assets to JPMorgan Chase & Co (JPM.N) on Monday, in a deal to resolve the largest U.S... bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil...
First Republic Bank Growth...
First Republic Bank is a private bank founded in 1985 in San Francisco, California. The bank was established by a group of individuals who had previously founded the brokerage firm Merrill Lynch. The founders believed that there was a need for a private bank that focused on providing personalized banking services to high net worth individuals, families, and businesses.
In the early years, First Republic Bank focused primarily on providing lending services, including mortgages, personal loans, and business loans. The bank differentiated itself from other banks by offering personalized service and making quick lending decisions. This strategy was successful, and the bank grew rapidly throughout the 1990s.
In the early 2000s, First Republic Bank expanded its services to include wealth management and investment advisory services. The bank also opened additional branches in California and expanded into other states, including New York, Connecticut, and Massachusetts.
In 2007, First Republic Bank was acquired by Merrill Lynch, but the bank was sold again in 2010 to a group of private investors, including the bank's founder, James Herbert. Under the new ownership, the bank continued to expand its services and geographic footprint.