Item number: X33

Year: AD 2020

Material: Crystal, Wood

Size: 204 x 126 x 43 mm

Weight: 2,745 g

Provenance: Private Collector, USA, 2025

This object is a rectangular crystal plaque presented by First Republic Bank to commemorate a period of institutional growth and leadership prior to the bank’s failure in 2023. The plaque is constructed from two thick, clear crystal panels joined at the centre by a vertical strip of dark red wood, likely decorative hardwood. It is housed in a fitted presentation box with a green exterior and black velvet interior, indicating it was intended as a formal commemorative or executive gift rather than a public display object at the time of its creation.

The left panel contains etched text and a signature. The primary inscription reads: “Work hard, stay humble. Service wins.” Beneath this appears a facsimile signature and the name James H. Herbert II, identified as Founder, Chairman and CEO. James Herbert founded First Republic Bank in 1985 and led it for more than three decades. The language on this panel reflects internal corporate values promoted by the bank’s leadership, emphasising service culture and personal conduct rather than financial performance.

The right panel presents quantitative information about the bank’s growth. An eagle motif is etched near the upper centre, a common symbol used in American corporate iconography. Text on the right side states “Total Enterprise Value $19.1 Billion, June 2020”. Below this, the plaque records “+25% Growth in Enterprise Value per Annum, Founding to Present (July 1985 to June 2020)”. At the bottom, a stylised line graph rises from left to right, annotated with “$8.8 Million, July 1985” at its starting point. The graph visually represents the growth of the bank’s enterprise value over a thirty-five-year period.

Near the top edge of the plaque, faint etched text reads “Celebrating 35 Years of Client-Focused Service”, dating the object to around 2020. This aligns with the numerical data presented and confirms that the plaque was produced during a period when First Republic Bank was still considered a successful regional bank.

The plaque makes no reference to regulatory matters, balance-sheet composition, interest-rate exposure, or depositor structure. Its purpose is clearly commemorative rather than analytical. It documents the bank’s self-assessment at a point of perceived stability and long-term success.

Institutional Background: Rise of First Republic Bank

First Republic Bank was founded in San Francisco in 1985 and focused on private banking and wealth management, particularly serving high-net-worth individuals. Its business model relied on personalised service, relationship-based lending, and concentration in affluent urban markets such as San Francisco, New York, Boston, and Los Angeles. Over several decades, the bank expanded steadily, maintaining a reputation for conservative client relationships and strong customer loyalty.

By 2020, as reflected on the plaque, the bank reported an enterprise value of approximately $19.1 billion. Its growth rate, cited as 25 per cent per annum from founding to that date, indicates sustained expansion over a long period. The plaque captures this moment when First Republic’s leadership viewed the institution as a long-term success built on consistent strategy and executive continuity.

However, the plaque does not record structural vulnerabilities that would later prove decisive. A significant portion of First Republic’s deposits exceeded the United States federal insurance limit. The bank also held a large volume of low-interest, long-duration loans, particularly residential mortgages issued during years of low interest rates.

The 2023 Banking Crisis and the Collapse of First Republic Bank

In early 2023, the United States banking sector experienced a series of failures linked to rapid increases in interest rates implemented by the Federal Reserve during 2022 and 2023. These rate increases reduced the market value of long-term fixed-rate assets held by banks and altered depositor behaviour.

The failure of Silicon Valley Bank in March 2023 triggered widespread concern among depositors at other regional banks with similar characteristics. First Republic Bank was particularly exposed due to its high proportion of uninsured deposits. As market confidence weakened, depositors began withdrawing funds at scale.

During the first quarter of 2023, First Republic disclosed that deposits had fallen by more than $100 billion, representing roughly forty per cent of its total deposits. This withdrawal occurred over a short period and placed severe strain on the bank’s liquidity position.

In response, a group of eleven major U.S. banks deposited $30 billion into First Republic in March 2023 in an effort to stabilise the institution. This action was coordinated with regulators but did not involve an equity investment or long-term restructuring. The measure provided temporary liquidity but did not address underlying confidence issues.

Despite these efforts, First Republic’s share price continued to fall, and credit rating agencies downgraded the bank. Efforts to raise private capital or arrange a sale without government intervention were unsuccessful.

On 1 May 2023, U.S. regulators closed First Republic Bank and placed it into receivership under the Federal Deposit Insurance Corporation (FDIC). Later the same day, JPMorgan Chase acquired the majority of First Republic’s assets and assumed all of its deposits, including those exceeding insurance limits. The FDIC agreed to share certain losses with JPMorgan on acquired loan portfolios.

This marked one of the largest bank failures in U.S. history by asset size. Shareholders were effectively wiped out, and the institution ceased to exist as an independent entity.

物件編號: X33

年代: 公元 2020 年

材質: 水晶, 木頭

尺寸: 204 x 126 x 43 mm

重量: 2,745 g

來源: 美國私人收藏 2025

此物件為一件長方形水晶牌匾，由第一共和銀行製作並贈送，用以紀念該銀行在 2023 年倒閉之前，一段制度性成長與領導時期。該牌匾由兩塊厚實、透明的水晶板構成，於中央以一條垂直的深紅色木質條相接，推測為裝飾性硬木。其置於一只量身訂製的展示盒中，外部為綠色，內襯為黑色天鵝絨，顯示其在製作之時，原本是作為正式的紀念品或高階主管贈禮，而非用於公開展示的物件。

左側面板包含蝕刻文字與一個簽名。主要銘文寫道：「努力工作，保持謙遜。服務致勝。」其下方為一個簽名式樣，以及姓名 James H. Herbert II，並標示其身分為創辦人、董事長兼執行長。James Herbert 於 1985 年創立第一共和銀行，並領導該銀行超過三十年。此面板所使用的語言反映了銀行高層所推動的內部企業價值觀，強調服務文化與個人行為，而非財務表現。

右側面板呈現有關銀行成長的量化資訊。在上方中央附近蝕刻有一隻鷹的圖樣，這是美國企業圖像中常見的象徵。右側文字標示：「企業總價值 191 億美元，2020 年 6 月」。其下方，牌匾記錄：「企業價值每年成長 +25%，自創立至今（1985 年 7 月至 2020 年 6 月）」。在底部，一條風格化的折線圖由左向右上升，其起點標註為「880 萬美元，1985 年 7 月」。該圖表以視覺方式呈現銀行在三十五年間的企業價值成長。

在牌匾的上緣附近，可見一行淡淡的蝕刻文字，寫道：「慶祝以客戶為中心服務三十五週年」，將該物件的製作時間指向約 2020 年。此一標示與所呈現的數據相符，並確認該牌匾製作於第一共和銀行仍被視為一家成功的區域性銀行之時期。

該牌匾未提及任何監管事務、資產負債表結構、利率曝險，或存款人結構。其用途明顯為紀念性，而非分析性。它記錄了銀行在一個被認知為穩定且長期成功的時點，對自身狀況的評估。

機構背景：第一共和銀行的崛起

第一共和銀行成立於 1985 年，總部位於舊金山，專注於私人銀行與財富管理業務，特別服務高淨值個人。其商業模式仰賴個人化服務、以關係為基礎的放款，以及集中於富裕城市市場，如舊金山、紐約、波士頓與洛杉磯。在數十年間，該銀行穩定擴張，並維持以保守客戶關係與高度客戶忠誠度著稱的聲譽。

至 2020 年，如牌匾所示，該銀行申報其企業價值約為 191 億美元。其成長率標示為自創立至該時間點，每年 25%，顯示其在長時間內持續擴張。該牌匾捕捉了這一時刻，當時第一共和銀行的領導層將該機構視為建立於一致策略與高層延續性之上的長期成功案例。

然而，該牌匾並未記錄那些日後被證實具有決定性影響的結構性弱點。第一共和銀行相當大比例的存款金額超過美國聯邦存款保險的上限。該銀行亦持有大量低利率、長天期的放款資產，特別是在低利率年代所發放的住宅抵押貸款。

2023 年銀行危機與第一共和銀行的倒閉

在 2023 年初，美國銀行體系經歷了一連串失敗事件，這些事件與美國聯邦準備理事會於 2022 年與 2023 年實施的快速升息政策相關。這些升息措施降低了銀行所持有之長期固定利率資產的市場價值，並改變了存款人的行為。

2023 年 3 月，矽谷銀行的倒閉引發了存款人對其他具有相似特徵之區域性銀行的廣泛擔憂。由於其未投保存款比例偏高，第一共和銀行特別容易受到衝擊。隨著市場信心削弱，存款人開始大規模提領資金。

在 2023 年第一季，第一共和銀行揭露其存款減少超過 1,000 億美元，約占其總存款的 40%。此一提領行為在短時間內發生，對銀行的流動性狀況造成嚴重壓力。

作為回應，2023 年 3 月，十一家美國大型銀行向第一共和銀行存入 300 億美元，試圖穩定該機構。此一行動與監管機構協調進行，但未涉及股權投資或長期重整。該措施提供了暫時性的流動性，但未能解決根本的信心問題。

儘管有上述努力，第一共和銀行的股價仍持續下跌，信用評等機構亦下調其評等。試圖在未經政府介入的情況下募集私人資本或安排出售的努力皆告失敗。

2023 年 5 月 1 日，美國監管機構關閉第一共和銀行，並將其置於聯邦存款保險公司（FDIC）的接管之下。同日稍晚，摩根大通收購了第一共和銀行的大部分資產，並承擔其所有存款，包括超過保險上限的部分。FDIC 同意就所收購的貸款資產與摩根大通分攤部分損失。

此事件成為美國歷史上依資產規模計算，規模最大的銀行倒閉之一。股東實質上被完全清除，而該機構亦不再作為一個獨立實體存在。