Editorial photo #10121078 Economy, Business and Finance
First Republic Bank Branch In New York City
Night view of a First Republic Bank branch illuminated, with open lights in Manhattan, New York City. The branch will have a renovation and face lifting with logo and ATM machines changing while other branches in 21 locations set to be shut down by JPMorgan Chase & Co. by the end of the year, representing approximately a quarter of First Republic's branches across eight states after the bankruptcy. JPMorgan Chase has acquired most of the troubled lender's assets and will be assuming all of its deposits as part of the deal. First Republic Bank, previously a prominent commercial bank and provider of wealth management services, had its headquarters in San Francisco, California. It had a strong presence, operating 93 offices in 11 states, with a focus on high-net-worth individuals. However, as a result of the 2023 banking crisis, the FDIC declared First Republic's closure on May 1, 2023, and subsequently sold it to JPMorgan Chase, who emerged as the winning bidder, paying $10.6 billion for nearly all of First Republic's assets. New York City, NY, United States of America on May 10, 2023 (Photo by Nicolas Economou/NurPhoto)
