First Republic Bank

FRCB: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.89	Vphc	Zzrkzpf

First Republic/JPMorgan: Deal Brings Benefits for JPMorgan, End For First Republic Shareholders

Eric Compton

May 8, 2023

JPMorgan Chase has acquired First Republic Bank from the FDIC, effectively zeroing out First Republic equityholders. Because the latter bank is no longer a separately traded entity, we are dropping coverage of First Republic. We had assigned a very high probability (84%) that its shares were worth zero well over a month ago and actually dropped our fair value estimate to $0 on April 27. We were at the low end on the Street in both instances.

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