The Big Take
First Republic Worked Hard to Woo Rich Clients. It Was the Bank’s Undoing
The bank attracted wealthy clients with loans that have become a costly hurdle to finding a rescuer.
First Republic Bank
Photo illustration: 731; Getty Images (3)/BloombergThis article is for subscribers only.
(This story was originally published April 16. On Monday, banking regulators seized First Republic and arranged its emergency sale to JPMorgan.)
In America’s richest enclaves, word spread quickly: A bank was offering loans on sweet terms.