On Monday, May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. No advance notice is given to the public when a financial institution is closed. JPMorgan Chase Bank, National Association (N.A.), Columbus, Ohio acquired all deposit accounts and substantially all the assets.
If You Had a Deposit Account
The full balance of all deposit accounts has been transferred to JPMorgan Chase Bank, N.A.
You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts
Facts for Depositors
General information explaining the role of FDIC
If You Had a Loan
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.
If your loan is currently in process or you had a line of credit, contact your loan officer.
If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If you received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.
Obtaining a Lien Release
Process on getting a release of lien
Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans
Facts for Borrowers
General information explaining the role of FDIC
If You Are Owed Money for a Service or Product Provided
You may be eligible to file a claim against First Republic Bank.
If you have not been paid for services rendered prior to May 1, 2023, please refer to the Filing Claims section below.
Facts for Creditors
General information explaining the role of FDIC
Publication Notice to Creditors and Depositors of First Republic Bank - PDF
Beware of Scams
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of First Republic Bank, JPMorgan Chase Bank, N.A., or the FDIC. The FDIC, however, will encourage you to correspond with us via the FDIC Claims Portal, a secure web portal.
About JPMorgan Chase Bank, N.A.
All deposit accounts have been transferred to JPMorgan Chase Bank, N.A., Columbus, Ohio ("assuming institution") and will be available immediately. The former First Republic Bank locations will reopen as branches of JPMorgan Chase Bank, N.A. during regular business hours.
All transferred deposits will be separately insured from any accounts you may already have at JPMorgan Chase Bank, N.A. for at least six months after the failure of First Republic Bank. Checks that were drawn on First Republic Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
Interest on deposits accrued through close of business on April 30, 2023, will be paid at your same rate. JPMorgan Chase Bank, N.A. will review deposit rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with JPMorgan Chase Bank, N.A. as long as the deposits are not pledged as collateral for loans.
Contacting JPMorgan Chase Bank, N.A.
You can contact JPMorgan Chase Bank, N.A.:
JPMorgan Chase Bank, N.A.
1111 Polaris Pkwy
Columbus, OH 43240
JPMorgan Chase Bank, N.A. (www.jpmorganchase.com)
Transaction Documentation
Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution
Commercial Shared-Loss Agreement - PDF
Single Family Shared-Loss Agreement - PDF
Bid Summary
Report on the bids to purchase the failed bank
Brokered Accounts
All deposit accounts, including the Cede & Co deposits, have been assumed by JPMorgan Chase Bank, N.A. If you are a customer who has a First Republic Bank deposit through a broker, you must contact your broker with any questions.
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by JPMorgan Chase Bank, N.A.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). JPMorgan Chase Bank, N.A. will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
Direct Deposit
All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
These lines have been transferred to JPMorgan Chase Bank, N.A.. Please contact JPMorgan Chase Bank, N.A. if you have additional questions regarding your accounts.
Safe Deposit Boxes
You will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. Any changes will be communicated by JPMorgan Chase Bank, N.A.
Tax Reporting — 1098 and/or 1099
JPMorgan Chase Bank, N.A. will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to First Republic Bank prior to May 1, 2023, and have not been paid, you may have a claim against First Republic Bank.
Any party/claimant who wishes to submit a receivership claim for First Republic Bank may do so either electronically or by mail. To avoid delays, however, you are encouraged to utilize the FDIC Claims Portal or email NonDepClaimsDal@FDIC.gov.
Online:
Email:
Mail:
FDIC as Receiver for First Republic Bank
Attention: Claims Agent
600 North Pearl Street
Suite 700
Dallas, TX 75201
Please note
There are time limits for filing a claim. Your claim must be filed on or before 09/05/2023 (the "Claims Bar Date").
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
Questions About This Closing
Please contact the call center at the number provided below with any additional questions:
Call Center: 1-888-408-0288
| Monday through Friday: | 4:00 AM – 10:00 PM |
| Saturday | 6:00 AM – 8:00 PM |
| Sunday | 7:00 AM – 5:00 PM |