First Republic saw a larger deposit decline than many of its rivals during the first quarter.
First Republic 's quarterly update left investors with major questions about whether the bank can repair itself after massive withdrawals, but the regional bank troubles appear to now be limited to just a small corner of the industry, according to Wall Street analysts. The troubled regional lender reported its first-quarter results Monday, showing a 40.8% drop in deposits that was steeper than analyst estimates. Without the $30 billion deposited at First Republic last month by large U.S.
But the Bank of America analyst echoed Shaw's view that First Republic's precarious position was not indicative of the broader industry. "We do not see FRC's deposit trends as a read through for any of the banks in our coverage universe. Results from regional banks over the last two weeks demonstrated the stickiness of the deposit customer base.
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