First Republic Bank, based in San Francisco, has become the third major US bank to go under since March. The bank had over $229 billion in total assets and $103.9 billion in total deposits as of April 13, 2023. The Federal Deposit Insurance Corporation (FDIC) acted as the receiver and entered into a purchase and assumption agreement with JPMorgan Chase Bank to assume all deposits and assets. The FDIC estimates the cost to the Deposit Insurance Fund at around $13 billion. First Republic had received a $30 billion lifeline from 11 of the US's largest banks in March, but the stock had plunged more than 97%, leading to its failure. The bank started operations in 1985 with a single San Francisco branch and primarily catered to wealthy clients in coastal states.

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