At least three First Republic Bank locations in San Francisco will be shut down by the end of the year, employees at the branches confirmed.
JPMorgan Chase entered into a deal to purchase the failed bank on May 1 after it was seized by regulators.
The takeover capped off a steep decline for the San Francisco-based lender, which became the largest bank to close since the Great Financial Crisis. First Republic was founded in San Francisco in 1985 and made a name for itself by catering to a high-net-worth clientele, particularly within its Bay Area home base.
As part of the acquisition, JPMorgan planned to shut down 21 First Republic locations across eight states—roughly a quarter of the bank’s branches—Reuters reported. Around 100 employees will be given six-month transition contracts.
“These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” a JPMorgan spokesperson said in a statement. “Clients should expect to continue to receive the same level of service with seamless access to their money.”
JPMorgan executives previously said that the First Republic name and brand will be retired once its integration is completed. First Republic operated 84 branches across the country and 14 in San Francisco at the time of its acquisition. JPMorgan did not disclose what locations would be closed.
The running list of confirmed branch closures in San Francisco according to employees are:
- First Republic (Sunset) location at 1809 Irving St.
- First Republic (Noe Valley) location at 1354 Castro St.
- First Republic (Transbay) location at 405 Howard St.
Among the locations that employees confirmed will remain open in San Francisco are:
- First Republic (West Portal) location at 279 West Portal Ave.
- First Republic (Laurel Village) location at 3533 California St.
- First Republic (Presidio) location at 558 Presidio Blvd.
- First Republic (Pine) location at 111 Pine St.
The status of remaining First Republic branches in San Francisco is still undetermined.
Around 1,000 former First Republic employees were laid off by JPMorgan last week. A number of employees were given offer letters on Thursday for offered transitional roles of between three and 12 months.
JPMorgan Chase is the nation’s largest bank with more than 4,800 branches nationwide and nearly 300,000 employees.
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