A list of some of America's "best banks" previously included First Republic Bank, just a few months before its collapse and sale to JPMorgan Chase this week.
In February, Forbes published its 14th annual list of "America's Best Banks," which is based on "growth, credit quality and profitability in the 12 months through September 30, 2022, to rank the 100 largest (by assets) publicly-traded banks and thrifts from best to worst."
First Republic was listed as the 44th best bank in the U.S., and Forbes said the bank had $205 billion in total assets at the time of publication. Despite this ranking, First Republic was closed and seized by regulators in California early Monday. "JPMorgan Chase Bank, National Association, submitted a bid for all of First Republic Bank's deposits," according to the Federal Deposit Insurance Corp. (FDIC).
The collapse of First Republic marks the third midsize bank failure in the U.S. in 2023, following Silicon Valley Bank and Signature Bank in March, which brought concerns about the health of the nation's banking system. It was the second-largest bank failure in U.S. history, after Washington Mutual in 2008.
Most of First Republic's assets were also sold to JPMorgan Chase.
The FDIC said, "As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits."
First Republic Bank posted a message from JP Morgan Chase on its website, saying that "JPMorgan will protect all deposits, insured and uninsured, bringing our financial strength, capabilities and capital to support First Republic's clients and the U.S. banking system."
Last month, First Republic reported a loss of $102 billion in the first quarter of 2023, with a 58 percent loss in depositors, Reuters reported.
Shortly after the First Republic Bank reported a loss in its first quarter, a Florida police pension fund filed a lawsuit against the bank alleging that it "concealed the magnitude of the risks facing the Company's business model that would result from any decision by the Federal Reserve System (the 'Fed') raising the federal funds rate, thereby undermining the value of the Company's loan and securities portfolios and liquidity."
SVB Financial Group's Silicon Valley Bank was also included on the Forbes list.
The list has been updated to include an editor's note that says, "After this list was published on February 16, 2023, SVB Financial Group's Silicon Valley Bank collapsed and was placed under FDIC control on March 10 due to a bank run prompted by fears about its interest rate exposure. Regulators also closed New York-based Signature Bank on March 12."
Newsweek reached out to Forbes via email for comment.
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