First Republic Bank Santa Monica Branch to Reopen as JPMorgan Chase

The former First Republic Bank branches of Santa Monica and Brentwood will reopen as branches of JPMorgan Chase Bank after regulators seized FRB’s assets.

The California Department of Financial Protection and Innovation closed First Republic Bank, which had approximately $229.1 billion in total assets and $103.9 billion in total deposits as of April 13, 2023.

The FDIC was appointed as receiver and entered into an agreement to sell the bank’s assets to JPMorgan Chase.

As a result, First Republic Bank branches opened Monday morning as branches of JPMorgan Chase, with customers being assured their deposits and assets are safe.

First Republic Bank had 7,213 employees as of 2022 and served customers in

Connecticut, Florida, Massachusetts, New York, Oregon, Wyoming in addition to California. It is the third and biggest U.S. bank to fail this year, following the collapse of Silicon Valley Bank in March and Signature Bank. First Citizens Bank eventually acquired Silicon Valley Bank, and a subsidiary of New York Community Bank bought most of Signature Bank after they were taken into receivership by the FDIC.

The failure of First Republic is second in size only to the 2008 collapse of Washington Mutual, which was also taken over by JPMorgan Chase.

The City of Santa Monica’s Big Blue Bus will purchase five battery electric buses and develop infrastructure to charge up to 104 buses, following the announcement of a $22.9 million State grant from the California State Transportation Agency. The grant will be used to increase the number of zero-emission buses in the BBB fleet to 39 and provide electric utility and charging equipment upgrades, including constructing a large canopy with overhead reel charging dispensers at BBB’s depot.

The funds will make investments in climate and workforce resilience, capital improvement projects that increase ridership and improve customer experience and provide over 1,100 hours of advanced, high-voltage safety training for BBB’s staff. The grant comes two months after the City Council approved an $18 million contract to add as many as 15 battery electric buses to the fleet, helping the transition to zero emissions buses by 2030.

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