Founded in 1985 by James H. Herbert II, First Republic Bank carved out a niche by focusing on high-net-worth individuals in coastal U.S. Following a competitive bidding process, JPMorgan Chase acquired the substantial majority of First Republic's assets, including deposits and branches.
Cyborg Score Rationale
First Republic Bank went out of business on May 1, 2023. Common shareholders of FRCB stock were left in a precarious position, as the equity was essentially wiped out in terms of institutional value. The company no longer operates as a going concern.
Top Insights
(May 2023) Bank seized by FDIC regulators and sold to JPMorgan Chase
Signature focus on wealth management and private banking for high-net-worth clients in coastal metropolitan areas
(May 2023) Stock delisted from NYSE and moved to OTC markets; currently trades as penny stock
Founded in San Francisco in 1985; underwent private equity buyout from Bank of America in 2010
Named Competitors
Wealth Management — Acquired First Republic assets and now serves high-net-worth clientele
Wealth Management — Private wealth management for ultra-high-net-worth individuals
Wealth Management — Global wealth management services