Founded in 1985 in San Francisco, First Republic Bank built its reputation on providing exceptional, personalized service in private banking, private business banking, and wealth management. The bank's mission was to deliver a superior client experience by focusing on a limited number of relationships and offering customized financial solutions. It grew rapidly by catering to affluent clients in key U.S. metropolitan areas. However, its business model, which relied heavily on holding low-interest, long-duration assets like jumbo mortgages, became vulnerable to rising interest rates. Following a bank run triggered by the failure of other regional banks in early 2023, First Republic was seized by U.S. regulators on May 1, 2023, and its assets were sold to JPMorgan Chase.