Data / Bank failures / 2023 / First Republic Bank
First Republic Bank, San Francisco, CA: failed May 1, 2023
First Republic Bank in San Francisco, California, failed on May 1, 2023. JPMorgan Chase Bank, N.A. of Columbus, OH, took over its deposits. It held $212.64 billion in assets and $176.44 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $15.50 billion (7.3% of its assets). By assets it was the largest of 5 banks closed or assisted in 2023.
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The FDIC's record
- Closed
- May 1, 2023
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- JPMorgan Chase Bank, N.A., Columbus, OH
- Total assets
- $212,638,872,000
- Total deposits
- $176,436,706,000
- Estimated cost to the FDIC
- $15,495,761,533 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 59017
Other bank failures in California, 2021 to 2025
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Silicon Valley Bank | Santa Clara | March 10, 2023 | $209.03 billion | $175.38 billion | $18.74 billion | First-Citizens Bank & Trust Company |
All bank failures in 2023 · All bank failures in California · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.