The failed San Francisco-founded First Republic Bank has closed a dozen branches in the city and several nearby areas, according to listings on its site and other media reports.
Those closures came sooner than an initial year-end estimate provided in June. JPMorgan Chase entered into a deal to purchase the failed bank on May 1 after it was seized by regulators, capping a steep decline for the San Francisco-based lender, which became the largest bank to close since the Great Financial Crisis.
From its 1985 founding, it grew to become the third-largest bank in the Bay Area and the 14th-largest in the country at the end of last year. It catered to high-net-worth individuals, with roughly 40% of its deposits originating in the Bay Area, and was known for attractive mortgage rates and high-touch customer service, gaining a base of loyal customers and longtime employees.
As part of that acquisition, JPMorgan announced plans to shut down 21 First Republic locations across eight states—roughly a quarter of the bank’s branches—Reuters reported.
“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.”
A major lender and employer in the Bay Area, First Republic was considered a cornerstone of the region's real estate sector.
The bank offered low-rate mortgages to affluent clients and understood the nuances of Bay Area business, making it the lender of choice for many individuals, startups and small businesses.
It was also embedded in San Francisco's pool of affordable housing, offering a $100 million revolving credit facility to the San Francisco Housing Accelerator Fund, which assists nonprofits in acquiring and renovating low-income housing.
In San Francisco, the following locations have closed:
• Embarcadero, One Embarcadero Center
• Market Square, 1355 Market St., Suite 140
• Transbay, 405 Howard St.
• Noe Valley, 1354 Castro St.
• Eighth & Irving, 653 Irving St.
• 19th & Irving, 1809 Irving St.
• Geary, 6001 Geary Blvd.
Closures elsewhere in the Bay Area:
• Burlingame, 1155 California Drive, Burlingame
• Sunnyvale, 201 W. El Camino Real, Sunnyvale
• Mill Valley, 750 Redwood Highway Frontage Road, Mill Valley
• San Ramon, 3130 Crow Canyon Place, San Ramon
• Walnut Creek, 1400 Civic Drive, Walnut Creek