First Republic Bank

Equities

FRCB

US33616C1009

Market Closed - OTC Markets Other stock markets 03:56:07 2024-05-13 pm EDT			5-day change	1st Jan Change
0.03 ^USD	-6.25%		+19.52%	-26.83%

2023	FDIC set to unveil plan for stricter regional bank rules	RE
2023	Uneasy Optimism on Display at Jackson Hole; Powell Says Fed Will Move Carefully on Rate Hikes	DJ

Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank's collapse

May 17, 2023 at 12:04 am EDT

(Reuters) - The former chief executive of the First Republic Bank Michael Roffler blamed contagion spread from the failures of regional banks for the bank's collapse and said regulators did not express concerns regarding the bank's strategy, liquidity, or management performance.

A total of over $100 billion in deposits were withdrawn from the bank over the course of weeks in response to industry-wide panic about the soundness of regional banks, Roffler said in his testimony to Senate Banking Committee.

(Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim Coghill)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	JPMORGAN CHASE & CO.	198.7 USD	-0.02%	+3.51%	571B
	FIRST REPUBLIC BANK	0.03 USD	-6.25%	+19.52%	5.97M

Latest news about First Republic Bank

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Company Profile

First Republic Bank (the Bank) is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States. It operates through two segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are gathering deposits, originating and servicing loans and investing in investment securities. The principal business activities of the Wealth Management segment include the investment management activities of First Republic Investment Management, Inc. (FRIM), which manages investments for individuals and institutions; money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC (FRSC) and its foreign exchange activities conducted on behalf of clients.

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