JP Morgan Chase announces several closures of First Republic branches in California

JP Morgan and the FDIC announced last spring that the New York banking titan would acquire the beleaguered San Francisco bank and assume its deposits in an orderly resolution. This prevented First Republic from being put into receivership under the FDIC, as had happened with the failed Silicon Valley Bank and Signature Bank in mid-March. It also prevents authorities from implementing emergency measures as they did for the other two to shore up the US banking sector.

However, late last year, JP Morgan Chase announced the closure of twenty-two First Republic branches, bringing the total down to 62. These closures had been reported earlier that year as executives at JP Morgan began to evaluate the health of the bank they had acquired and the changes that would need to be made to bring the bank back into the green as it was integrated into their operations. JP Morgan Chase identified the initial branches selected for closure as “locations that have relatively low transaction volumes and are generally within a short drive from another First Republic office,” according to a statement provided by the bank.

Last week, data published by the Office of the Comptroller of the Currency reported nine additional closures. No timeline has been placed on when these locations will shutter their doors, but thanks to data from the federal agency that oversees these processes and many others, we know they are coming.

Where are the branches closing?

All affected branches are located in California, with the majority found in the Bay Area, in and around San Fransisco. The closures will affect a total of nine branches:

With these closures, the number of First Republic branches will fall to fifty-three. Over time, all of these branches will be absorbed into the Chase ecosystem and be rebranded to avoid confusion.