What First Republic Bank's Failure Means for the Bay Area

Facing takeover by the federal government, First Republic Bank, the Bay Area’s largest regional bank, was sold off to JP Morgan Chase this weekend. Over the course of four decades, First Republic, with its aspirational marketing and reputation for customer service, became a key brand in the Bay Area business and philanthropy communities. First Republic was among the 20th largest banks in the country in 2022 and employed about 7,000 workers, close to half which were based in the Bay Area. The bank’s failure follows Silicon Valley Bank’s dramatic demise and also comes at a time when multiple large employers in the region are announcing major layoffs. We’ll talk about what the bank’s failure means for our local economy and whether we need brick and mortar banks.