After two months of pressure, spiraling losses of deposits from worried customers, mountains of debt, and no clear way out of a downward spiral, First Republic Bank is no more, in the second largest collapse of a U.S. bank. Early in the hours of May 1, the Federal Deposit Insurance Corporation closed the institution and sold all deposits and "substantially" all assets to JPMorgan Chase Bank, according to the FDIC.

The sale was the culmination of a week of the FDIC looking for potential bidders and produced a "highly competitive bidding process" in which the banks had to deliver bids by noon on Sunday.

As of April 13, 2023, First Republic Bank held $229.1 billion in assets and $103.9 billion in total deposits.  JPMorgan Chase has assumed all of the deposits and "agreed to purchase substantially all of First Republic Bank's assets."