First Republic Bank
Corporate brand
UnclaimedA San Francisco-based private and commercial bank serving affluent clients that failed during the 2023 United States banking crisis and was acquired by JPMorgan Chase.
Last updated October 14, 2026
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Overview
First Republic Bank was a United States commercial bank and wealth-management institution headquartered in San Francisco, California. Founded by Jim Herbert in 1985, it developed a business model centered on affluent households, entrepreneurs, professionals, privately held companies, nonprofit organizations, and real-estate investors. The bank differentiated itself through relationship banking, responsive service, customized lending, private banking, and investment-management services rather than through a mass-market branch or consumer-banking model. First Republic began operations on July 1, 1985, as a California-chartered industrial loan company and became a public company through a Nasdaq initial public offering in 1986. During its first decades it expanded through acquisitions in banking, investment management, private-client advisory, and wealth management. Its acquisitions included Silver State Thrift in Nevada, Trainer Wortham, Starbuck, Tisdale & Associates, Froley, Revy Investment Company, Bay Isle Financial’s Private Client Asset Management division, and Bank of Walnut Creek. These transactions helped it broaden from a California banking operation into a multi-state institution combining deposit-taking, lending, and wealth-management capabilities. Merrill Lynch acquired First Republic in 2007. After Bank of America acquired Merrill Lynch, First Republic became part of Bank of America. In 2010, Bank of America sold the bank to a consortium that included Colony Capital, General Atlantic, Jim Herbert, and former First Republic executive Katherine August DeWilde. The investors supplied additional capital to satisfy regulatory requirements, and First Republic returned to public ownership through a 2010 initial public offering that raised approximately $280.5 million. The bank continued to expand its wealth-management platform. It acquired Luminous Capital in 2012 and Constellation Wealth Partners in 2015, and it purchased Gradifi in 2016 to add an employer-sponsored student-loan repayment service. First Republic also invested in CommonBond and expanded its New York presence. Its operating footprint ultimately included 93 offices in 11 states, with important concentrations in California, New York, Massachusetts, and Florida. The same business model that supported rapid growth also created vulnerabilities. First Republic had a high proportion of uninsured deposits from wealthy customers and a loan-to-deposit ratio above 100 percent. Its clientele could move large balances quickly, while much of its loan book consisted of long-duration, low-yield assets, including residential mortgages and municipal securities. When the failures of Silicon Valley Bank and Signature Bank triggered concern about uninsured deposits and interest-rate risk in March 2023, depositors withdrew funds from First Republic. Eleven large U.S. banks placed $30 billion of deposits with it on March 16, but the support did not restore market confidence. The bank disclosed that customers had withdrawn approximately $104.5 billion in deposits during the turmoil. It considered strategic alternatives, sought to reduce its balance sheet, planned asset sales at losses, and announced workforce reductions. Credit-rating downgrades, continued share-price declines, departures of advisory teams, and concern over its capital and liquidity position intensified the crisis. The Federal Deposit Insurance Corporation ultimately determined that the bank’s condition had deteriorated beyond a viable private-sector rescue. On May 1, 2023, California regulators closed First Republic, the FDIC was appointed receiver, and JPMorgan Chase acquired nearly all of its deposits and assets through an FDIC-assisted transaction. First Republic therefore ceased operating as an independent bank. The bank disclosed that customers withdrew approximately $104.5 billion in deposits during the turmoil. It considered strategic options, sought to shrink its balance sheet, planned to sell assets at losses, and announced staff cuts. Credit-rating downgrades, a falling share price, departures of advisory teams, and concerns about capital and liquidity deepened the crisis. The Federal Deposit Insurance Corporation ultimately determined that the bank’s condition had deteriorated to the point that a viable private-sector rescue was not possible. On May 1, 2023, California regulators closed First Republic Bank, the FDIC was named receiver, and JPMorgan Chase acquired nearly all of its deposits and assets in an FDIC-assisted transaction. As a result, First Republic Bank no longer operates as an independent bank.
History
First Republic was established by Jim Herbert in February 1985 and began operating in July of that year as a California-chartered industrial loan company. It went public on Nasdaq in August 1986. The early business expanded beyond California through acquisitions, including Silver State Thrift in Nevada in 1993. Following a reverse merger and changes to Nevada banking law, the Nevada operation became First Republic Savings Bank in the late 1990s. During the late 1990s and 2000s, First Republic built an integrated financial-services platform. It acquired Trainer Wortham in 1998, an interest in Froley, Revy Investment Company in 2000 and the remainder in 2002, Starbuck, Tisdale & Associates in 2001, Bay Isle Financial’s private-client asset-management division in 2004, and Bank of Walnut Creek in 2006. These acquisitions strengthened investment management and private-client services alongside the core banking business. Merrill Lynch acquired First Republic in September 2007 for approximately $1.8 billion in cash and stock. After Bank of America acquired Merrill Lynch, First Republic was included in that transaction. Bank of America sold First Republic in July 2010 to private investors including Colony Capital, General Atlantic, Herbert, and DeWilde. The investor group provided approximately $1 billion for the purchase and an additional $800 million in capital connected with regulatory requirements. First Republic returned to public markets in December 2010 through an offering that raised approximately $280.5 million. The bank’s later growth emphasized wealth management and specialized services. It acquired Luminous Capital in 2012 and Constellation Wealth Partners in 2015. In 2016, it acquired Gradifi, a company offering employer-supported student-loan repayment services. First Republic invested in CommonBond in 2018 and increased its New York office presence. Some advisers associated with the Luminous platform departed in 2019, taking substantial assets under management with them. By the early 2020s, First Republic operated a network of 93 offices in 11 states and served a concentrated base of affluent customers. Its strategy relied on large relationships, customized loans, and deposits that were often above the FDIC insurance limit. The rise in interest rates reduced the market value of long-duration assets and made the bank’s low-rate lending commitments less attractive relative to prevailing funding costs. The March 2023 failures of Silicon Valley Bank and other institutions triggered a rapid loss of confidence. Rating agencies cited First Republic’s uninsured deposit concentration and loan-to-deposit ratio of 111 percent. A $30 billion deposit package from eleven large banks temporarily supported liquidity, but withdrawals and market pressure continued. S&P Global Ratings subsequently placed the bank deeper into speculative-grade territory, while management considered asset sales, equity raising, balance-sheet reduction, and other strategic options. In late April, First Republic disclosed plans to sell securities at losses and reduce its workforce. Reports that the FDIC was preparing to seize the bank caused a further collapse in its share price. After an emergency bidding process, the FDIC announced on May 1, 2023, that the California Department of Financial Protection and Innovation had closed First Republic and that JPMorgan Chase had acquired nearly all of its assets and deposits. The transaction ended First Republic Bank as an independent institution.
- 2023
Regulatory closure and JPMorgan acquisition
[2]The FDIC took First Republic into receivership on May 1 and sold nearly all of its assets and deposits to JPMorgan Chase.
- 2016
Gradifi acquisition
[1]First Republic acquired Gradifi, expanding into employer-supported student-loan repayment services.
- 2012
Luminous Capital acquisition
[1]The bank acquired wealth-management firm Luminous Capital.
- 2010
Sold by Bank of America and recapitalized
[1]A private investor consortium acquired First Republic from Bank of America and supplied additional capital.
- 2010
Return to public markets
[1]First Republic completed a second initial public offering, raising approximately $280.5 million.
- 2007
Acquired by Merrill Lynch
[1]Merrill Lynch acquired First Republic in a transaction valued at approximately $1.8 billion.
- 1993
Silver State Thrift acquisition
[1]The bank acquired Silver State Thrift, giving it a Nevada platform.
- 1986
Initial public offering
[1]First Republic became publicly traded through a Nasdaq initial public offering.
- 1985
First Republic is founded and begins operations
[1]Jim Herbert founded the institution in February 1985, and it began operating on July 1 as a California-chartered industrial loan company.
Products and positioning
High-touch relationship banking for affluent individuals, families, businesses, and professional clients, combining private banking, customized lending, and wealth management.
Banking
Private banking
Relationship-based banking for affluent individuals and families, including deposit services, liquidity management, tailored credit, and access to related wealth-management capabilities.
Lending
Customized lending
The bank was known for customized residential mortgages, real-estate loans, and commercial credit designed around the financial circumstances of high-net-worth borrowers, professionals, entrepreneurs, and privately held businesses.
Wealth management
Wealth management
Investment-management and private-client advisory services developed through acquisitions such as Trainer Wortham, Froley Revy, Bay Isle, Luminous Capital, and Constellation Wealth Partners.
Employee financial services · 2016
Gradifi
A student-loan repayment service acquired by First Republic in 2016 and offered through employer-sponsored programs.
Brand decisions
2023
Emergency balance-sheet reduction planStrategyBackground
Deposit withdrawals, rating downgrades, and market concerns created acute liquidity and capital pressure during the United States banking crisis.
Action taken
First Republic considered strategic alternatives, planned to sell bonds and securities at losses, seek equity, reduce its balance sheet, and cut staff.
Aftermath
The measures did not restore confidence. Regulators closed the bank on May 1, 2023, and JPMorgan Chase acquired nearly all of its assets and deposits.
Deposit withdrawals during the banking turmoil. 104.5 billion USD withdrawn (First quarter of 2023)
- JPMorgan Chase — JPMorgan Chase participated in the March deposit support and later acquired nearly all of First Republic’s assets and deposits through the FDIC-assisted transaction.
2010
Private-investor acquisition and recapitalizationM&ABackground
After Bank of America acquired Merrill Lynch, First Republic was sold to a consortium of private investors.
Action taken
The consortium acquired the bank and supplied additional capital to meet regulatory requirements, enabling First Republic to operate independently again.
Aftermath
The bank returned to public ownership through a second initial public offering later in 2010.
Capital supplied in connection with the transaction. 800 million USD (2010)
Recent events
Reported
First Republic Bank appoints Mike Roffler as CEO[4]
First Republic Bank announced Mike Roffler's appointment as CEO, effective immediately; he will continue as president and board member. Jim Herbert will transition to executive chairman.
Reported
First Republic reports higher first-quarter earnings[5]
First Republic reported first-quarter earnings of $316 million, up 53% from a year earlier. The results included $14.6 million in reserves released during the quarter.
Sources5 sources
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