JPMorgan Shuttering 25 Percent of First Republic Bank Branches in 2023
JPMorgan Chase will shutter more than 20 First Republic branches by the end of this year, following its takeover of the failed bank, the company announced on June 1.
First Republic has 84 branches across eight states, including California, Connecticut, and Florida, according to its official website.
The upcoming closures make up roughly a quarter of its locations.
“After a thorough review, we have decided to close 21 former First Republic Preferred Banking Offices by the end of 2023, representing a quarter of the offices we acquired,” JPMorgan said in the statement to the business news site PYMNTS.
“These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office,” the bank added….