First Republic Bank
2023
$10.6B
Why
JPMorgan Chase acquired the substantial majority of First Republic Bank's assets and assumed deposits and certain other liabilities from the FDIC on May 1, 2023. The firm's transaction presentation identified a $10.6 billion cash payment to the FDIC; that cash payment, rather than the broader accounting consideration, is used as the acquisition value here.
Impact
The transaction added First Republic's private-banking relationships and loan portfolio to JPMorgan Chase. At closing, the presentation described approximately $173 billion of loans, $30 billion of securities, and $92 billion of deposits acquired, together with the assumption of $28 billion in Federal Home Loan Bank advances.
Outcome
First Republic's operations and clients were integrated into JPMorgan Chase, strengthening parts of its private-bank and wealth-management reach. The FDIC purchase also required the firm to manage the acquired credit portfolio and combine a relationship-focused banking model with JPMorgan's larger operating and risk infrastructure.