Friday marks the two-year anniversary of the collapse of First Republic, the second-largest bank failure in U.S. history.
The Federal Deposit Insurance Corp. seized the San Francisco-based institution on May 1, 2023 and sold most of its assets to JPMorgan Chase. The failure of First Republic came on the heels of Silicon Valley Bank, which fell apart about two months prior.
First Republic had a sizable stake in the real estate industry, as nearly 60 percent of its loans were single-family mortgages.
Outdoing First Republic for the title of largest bank failure – among institutions that did not receive assistance – was Washington Mutual Bank. That bank collapsed in September of 2008 and had assets valued at around $307 billion.
Here is a closer look at the largest bank failures in U.S. history:
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