Customers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Customers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail a fter the collapse of Silicon Valley Bank and Signature Bank.large banks stepped in to save itAfter gaining 12% on Monday, the bank's shares tumbled more than 20% after the close of trade.
First Republic reported first-quarter results Monday that showed it had $173.5 billion in deposits in early March before Silicon Valley Bank failed on March 9. On April 21, it had deposits of $102.7 billion, including the $30 billion the big banks deposited. It said since late March, its deposits have been relatively stable.
"We continue to take steps to strengthen our business," Jim Herbert, the bank's executive chairman and Mike Roffler, the bank's CEO, said in a joint statement.Before the failure of Silicon Valley Bank, First Republic had a banking franchise that was the envy of most of the industry. Its clients, mostly the rich and powerful, rarely defaulted on their loans.
The bank's profits fell 33% from a year earlier, according to its earnings, and revenues were down 13%. Wall street analyst Adam Crisafulli of Vital Knowledge said in a report for investors that First Republic's"earnings prospects are still bleak."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
First Republic Bank deposits tumble more than $100 billion as it explores options By Reuters*FIRST REPUBLIC BANK LOST OVER $100 BILLION IN CUSTOMER DEPOSITS IN Q1 FOLLOWING SILICON VALLEY BANK'S COLLAPSE $FRC
Les mer »
First Republic Lost $100 Billion in Deposits in Banking PanicBreaking: First Republic said it lost more than $100 billion in customer deposits following Silicon Valley Bank’s collapse. Shares fell more than 20% after hours.
Les mer »
James Avery's first-ever Fiesta medal now selling for more than $100 on eBayJames Avery recently released its first-ever Fiesta medal as a giveaway to the first 100 customers at its various locations, and the medal is now one of Fiesta's most expensive and sought-after pin-ons.
Les mer »
First Republic Bank’s Financial Ratios Will Reveal Serious TroubleFirst Republic Bank is in trouble, and all market participants await today's earnings to learn the extent of the bank's challenges. the stock is down 87% since the regional banking turmoil began in March.
Les mer »
First Republic Bank slashing up to a quarter of its workforceThe bank expects to cut its workforce by 20-25%, the embattled lender said Monday.
Les mer »
First Republic Bank to slash up to a quarter of its workforce | CNN BusinessFirst Republic Bank expects to cut its workforce by 20-25% this quarter, the embattled lender said late Monday.
Les mer »