First Republic was listed by Forbes as the 44th best bank in the U.S. Now it's been sold to JPMorgan Chase after a collapse.
published its 14th annual list of"America's Best Banks," which is based on"growth, credit quality and profitability in the 12 months through September 30, 2022, to rank the 100 largest publicly-traded banks and thrifts from best to worst."said the bank had $205 billion in total assets at the time of publication. Despite this ranking, First Republic was closed and seized by regulators in California early Monday.
The collapse of First Republic marks the third midsize bank failure in the U.S. in 2023, following Silicon Valley Bank and Signature Bank in March, which brought concerns about the health of the nation's banking system. It was the second-largest bank failure in U.S. history, afterA worker cleans the exterior of a First Republic Bank branch in San Francisco on April 26. In February, Forbes rated First Republic as one of America's"best banks.
First Republic Bank posted a message from JP Morgan Chase on its website, saying that"JPMorgan will protect all deposits, insured and uninsured, bringing our financial strength, capabilities and capital to support First Republic's clients and the U.S. banking system."of $102 billion in the first quarter of 2023, with a 58 percent loss in depositors, Reuters reported.
Shortly after the First Republic Bank reported a loss in its first quarter, a Florida police pension funda lawsuit against the bank alleging that it"concealed the magnitude of the risks facing the Company's business model that would result from any decision by the Federal Reserve System raising the federal funds rate, thereby undermining the value of the Company's loan and securities portfolios and liquidity.
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