US bank First Republic was seized by authorities and later sold to JPMorgan and its fall is the second largest bank failure in the US, following the recent collapses of Silicon Valley Bank (SVB) and Signature Bank.
It is also the largest bank failure since the financial crisis of 2007-2008.
- These are the top precedents for retail banks that have since collapsed, ranked by asset size.
- HBOS (UK), April 17, 2008 (£690 billion of assets, or approximately $866 billion).
- Washington Mutual (United States), September 25, 2008 (307,000 million dollars).
- First Republic Bank (United States), May 1, 2023 ($229 billion).
- Silicon Valley Bank (United States), March 10, 2023 (209,000 million dollars).
- Signature Bank (United States), March 12, 2023 ($110 billion).
- SachsenLB (Germany), August 26, 2007 (67 billion euros or 74 billion dollars).
- Bradford & Bingley (UK), September 29, 2008 (£35 billion, or approximately $44 billion).
- IndyMac (United States), July 11, 2008 ($32 billion).
These entities were all retail banks, accessible to all individuals.
In addition, the financial crisis was marked by the collapse of several financial and investment banks, mainly Lehman Brothers, which filed for bankruptcy on September 15, 2008. It then had $639 billion in assets.
