First Republic Bank, recently US$233bn assets, seized by FDIC & sold to JP Morgan. US$13bn loss to FDIC on off-market loans. "It was a run on the business model" of reliance on high-service, low-rate deposits to fund low-rate loans.
Following large, rapid deposit withdrawals then subsequent wholesale funding had materially higher cost than legacy deposits.
At current interest rates, loan portfolio included large unrealized losses due to their origination at historically lower interest rates