FAQs
The bank's earnings report revealed it had lost $100 billion in deposits in the first quarter of 2023. This was fueled in part by panic among clients of regional banks due to the failures of SVB and Signature Bank. First Republic's quarter-over-quarter deposits had dropped by more than 40 percent to $104.5 billion.
What happens to deposits in First Republic? ›
Deposit account and routing numbers are not changing when deposit accounts transition to JPMorgan Chase, effective May 25, 2024. If you need your deposit account number to set up digital access at JPMorgan Chase, you can find it on First Republic checks or follow the instructions below.
Should I take my money out of First Republic Bank? ›
Though the headlines may be concerning, if you have an account with First Republic Bank, your money is protected up to $250,000. Federal Republic is insured by the Federal Deposit Insurance Corporation, which secures your money for up to $250,000 per account holder, per bank, and is backed by the federal government.
Is my money safe at First Republic Bank? ›
IS MY MONEY SAFE? Yes! No one lost any money on deposit as a result of the closure of this bank.
What percentage of First Republic deposits are uninsured? ›
Source: First Republic Call Reports and Internal Review Team analysis. Note: The March 31, 2023, figures include $30 billion in uninsured deposits from a consortium of 11 large banks. Based on First Republic's Call Report filings, uninsured deposits represented 64 percent of total assets, as of December 31, 2021.
What will happen to First Republic checking accounts? ›
Effective May 25, 2024, your First Republic commercial deposit account(s) will transition to JPMorgan Chase. After May 24, First Republic online and mobile banking will be “view only.” Your online banking activity will need to be conducted on JPMorgan Chase's digital platforms starting May 28.
Is FRC stock worthless? ›
Now that the bank has failed, those shares are pretty much worth $0. See, what actually happened with First Republic is that the federal government seized its assets and sold them to JPMorgan Chase.
What will happen to stock holders of First Republic Bank? ›
The stock will be delisted. When a bank is seized by the government, its common shareholders are wiped out. In this case, First Republic shareholders, along with its debt holders, will not receive anything. JPMorgan Chase said that it would not assume First Republic's corporate debt or preferred stock.
Will First Republic accounts become Chase accounts? ›
What's happening with my First Republic deposit account(s)? Your First Republic account(s) will become a Chase account(s) on May 25, 2024, and will have a different name(s), requirements and pricing.
Will First Republic customers keep all their money? ›
First Republic customers will keep all of their money. But the company's stock is worth zero in its current form.
As long as you do business with an FDIC-insured institution and keep less than $250,000 per account ownership category, your funds will be safe if your bank fails. However, you might face some minor inconveniences, such as waiting for a new debit card or updating your automatic payments.
Where is the safest place to put money if banks collapse? ›
U.S. government securities—such as Treasury notes, bills, and bonds—have historically been considered extremely safe because the U.S. government has never defaulted on its debt. Treasury securities may pay interest at higher rates than savings accounts, although it depends on the security's duration.
What happens to my mortgage with First Republic Bank? ›
All residential home mortgages and HELOCs are with Chase. Residential home mortgages and HELOCs, including those that were paid off and matured on or after June 30, 2021, were transferred to Chase on November 1, 2023.
What is the future of First Republic Bank? ›
First Republic Bank is no more. Early Monday morning, regulators seized it and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co., marking the second-largest U.S. bank failure.
Are First Republic deposits guaranteed? ›
Federal insurance is typically limited to $250,000 in many cases. But for First Republic, “JPMorgan Chase is assuming all deposits — insured and uninsured,” according to the JPMorgan Chase press release.
Are my First Republic deposits insured? ›
First Republic Bank is a California state-chartered bank. Deposits at the bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) to the extent provided under the Federal Deposit Insurance Act and FDIC Rules.
What happens to my First Republic Bank stock? ›
First Republic Bank is Now Trading on the OTC
The company was delisted from the NYSE and currently trades as FRCB stock on the over-the-counter (OTC) market. People who held shares of First Republic Bank prior to March of this year will most likely have to accept a total or near-total loss on their investment.
Where did First Republic money go? ›
First Republic's failure was due to a run on deposits following the collapses of Silicon Valley Bank and Signature Bank. JPMorgan Chase acquired First Republic Bank on May 1, 2023. If you had insured or uninsured money in First Republic accounts, your funds are safe and now managed by JPMorgan Chase.