Bad Sign for First Republic: The Chase Branches Next Door

JPMorgan Chase & Co.’s emergency acquisition of First Republic Bank over the weekend meant the troubled lender’s branches opened as usual Monday to keep serving its well-to-do clientele. Will those spots keep opening?

The vast majority of First Republic’s full-service branches — known for their prowess in catering to wealthy people across the greater New York and San Francisco Bay area — are within a mile of existing Chase locations, location data from the Federal Deposit Insurance Corp. show.

Indeed, about 60% of First Republic’s outposts are just a five-minute walk — or less — from a Chase branch. ...