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Why Did First Republic Bank Fail? First Republic Bank failed for many of the same reasons that Silicon Valley Bank (SVB) and Signature Bank failed, including the fact that it carried a significant amount of uninsured deposits and struggled with liquidity.

First Republic was seized by the Federal Deposit Insurance Corporation (FDIC) on May 1, 2023. The FDIC held a “highly competitive” bidding process, ultimately selling the institution to JPMorgan Chase later that day.

Is my money safe? Yes, if your money is in a U.S. bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there. If the bank fails, you'll get your money back.

The San Francisco-based regional bank, First Republic, was the third financial institution to declare insolvency in 2023 and the second-largest bank to fail since Washington Mutual collapsed during the Financial Crisis of 2007–2008.

The mass withdrawal was sparked by the fact that 68 percent of First Republic's deposits were uninsured — meaning they were above the FDIC $250,000 limit — a higher rate than many other regional banks.

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender's six-week-long free fall and reassuring depositors that their money is safe.

The collapse follows the March seizure by regulators of Silicon Valley Bank and Signature Bank, both of which had experienced bank runs. Like Silicon Valley Bank, a significant share of First Republic's deposits were uninsured because they exceeded the $250,000 insurance protection that is offered by the FDIC.

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender's six-week-long free fall and reassuring depositors that their money is safe.

Why Did First Republic Bank Fail? First Republic Bank failed for many of the same reasons that Silicon Valley Bank (SVB) and Signature Bank failed, including the fact that it carried a significant amount of uninsured deposits and struggled with liquidity.

First Republic was seized by the Federal Deposit Insurance Corporation (FDIC) on May 1, 2023. The FDIC held a “highly competitive” bidding process, ultimately selling the institution to JPMorgan Chase later that day.

Is my money safe? Yes, if your money is in a U.S. bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there. If the bank fails, you'll get your money back.

The San Francisco-based regional bank, First Republic, was the third financial institution to declare insolvency in 2023 and the second-largest bank to fail since Washington Mutual collapsed during the Financial Crisis of 2007–2008.

The mass withdrawal was sparked by the fact that 68 percent of First Republic's deposits were uninsured — meaning they were above the FDIC $250,000 limit — a higher rate than many other regional banks.

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender's six-week-long free fall and reassuring depositors that their money is safe.

The collapse follows the March seizure by regulators of Silicon Valley Bank and Signature Bank, both of which had experienced bank runs. Like Silicon Valley Bank, a significant share of First Republic's deposits were uninsured because they exceeded the $250,000 insurance protection that is offered by the FDIC.

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender's six-week-long free fall and reassuring depositors that their money is safe.