Closed Monday, May 1, 2023 · San Francisco, San Francisco County, California
First Republic Bank
By total assets First Republic Bank is the second-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Its estimated cost to the Deposit Insurance Fund makes it the second-costliest failure on FDIC record since 1934. No failed bank in California was larger, of 239 on record there since 1934.
On the books, 2015 to 2023
Total assets were at their highest of these 32 quarters in the final report, for the first quarter of 2023. Equity capital went from 9.9% of assets in the second quarter of 2015 to 7.7% at the last report. The last quarterly report, for the first quarter of 2023, showed $233 billion in total assets; ranks on this site use the FDIC's failure record, which differs. Every reporting year on this chart closed with a net profit.* 2023: January to March only, the last report before closing.
Size against the other 2023 failures
Total assets of each 2023 failure, log scale; First Republic Bank in red.
By assets it ranked first of the 5 failures in 2023. Across the failures of 2023, the median estimated loss came to 9.0% of assets. The next-largest failure of that year was Silicon Valley Bank of Santa Clara, California ($209 billion, loss 9.0% of assets). Every 2023 failure in the explorer.
Failures in California
It was one of two banks in California to fail in 2023. The previous failure there was Silicon Valley Bank of Santa Clara, on March 10, 2023. The next was Nano Banc of Irvine, on September 25, 2026. San Francisco County has 13 failed banks on FDIC record since 1934. Closest in time: Regent Thrift and Loan Association (1993), Barbary Coast National Bank (1994), Continental Savings of America, A Savings and Loan Association (1995), Pacific National Bank (2009), United Commercial Bank (2009).