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ARTICLE · 04 MAY 2023

First Republic Bank FAQ

Goodwin Procter LLP
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On May 1, 2023, First Republic Bank was placed in receivership, and the deposits and substantially all the assets of First Republic Bank were acquired by JPMorgan Chase Bank, N.A. ("JPM").

United StatesFinance and Banking
Samantha Kirby
Samantha Kirby
William Stern
William Stern
Christine Andrea Docherty
Christine Andrea Docherty
Alexander J. Callen
Alexander J. Callen

What happened with First Republic Bank?

On May 1, 2023, First Republic Bank was placed in receivership, and the deposits and substantially all the assets of First Republic Bank were acquired by JPMorgan Chase Bank, N.A. ("JPM"). The FDIC's announcement is here.

The FDIC has posted additional information for First Republic Bank customers here.

Do depositors of First Republic Bank have access to all their deposits?

Yes, all deposits of First Republic Bank were assumed by JPM, and according to the FDIC's statement, depositors will have access to all their deposits. In addition, all brokered deposits, excluding Cede & Co deposits, have been assumed by JPM.

First Republic Bank customers should bank at their First Republic Bank branch until they receive notice from JPM that they are able to bank at all JPM branches.

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