This US bank closes - Reasons

12:14 - 9.04.2024

April 9, Fineko/ First Republic Bank, located in San Francisco, faced the problem of closure.

The threat of closure has intensified further after 62 branches of the bank were transferred to JPMorgan Chase bank, ABC.AZ with reference to the foreign press.

So, after the transfer of branches to JPMorgan Chase, there was a possibility that First Republic Bank would close on May 24.

Over the weekend, First Republic Bank's customer accounts will be transferred to JPMorgan Chase, the largest U.S. bank.

First Republic Bank, founded in San Francisco in 1985, went bankrupt in 2023. By September last year, 22 of the bank's 84 branches had been closed. The failure made it the second largest bankrupt bank in U.S. history after Washington Mutual in 2008.