First Republic Bank

As of the time of writing, equity shares of First Republic are off more than 65%, and trading has been halted as mentioned.

Even European bank stocks slumped despite analysts including at Deutsche Bank AG and Citigroup Inc said the SVB crisis had little bearing on the outlook for ...

CNBC reported Monday (March 13) that First Republic Bank Executive Chairman Jim Herbert told the network's Jim Cramer that the bank was meeting withdrawal ...

“This filing reiterates First Republic’s continued safety and stability and strong capital and liquidity positions,” the bank said in its Friday filing to the SEC. [filing](https://ir.firstrepublic.com/static-files/295faa27-f208-4936-81ff-6c8bfa0fb6b5) with the Securities and Exchange Commission (SEC) that its deposit base is well diversified, its liquidity position remains strong, and its investment portfolio is stable and accounts for less than 15% of total bank assets. [press release](https://news.firstrepublic.com/news-releases/news-release-details/first-republic-bank-strengthens-and-diversifies-liquidity) that it had gained access to additional liquidity from both JPMorgan Chase and the Federal Reserve Bank and that its capital and liquidity remained “very strong.” “First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” Herbert and First Republic Bank CEO and President [reported](https://www.cnbc.com/2023/03/13/frc-tells-cnbc-the-bank-isnt-seeing-that-many-depositors-leave-jpm-funding-working.html) Monday (March 13) that First Republic Bank Executive Chairman Jim Herbert told the network’s Jim Cramer that the bank was meeting withdrawal demands with the help of additional funding, was not seeing “massive” outflows and was experiencing “business as usual.” [stock](https://www.google.com/search?q=%22first+republic+bank%22+stock&rlz=1C1RXQR_enUS968US968&oq=%22first+republic+bank%22+stock&aqs=chrome..69i57j0i131i433i512j0i3j0i131i433i512j0i3l6.6478j1j4&sourceid=chrome&ie=UTF-8) was down about 64% Monday after the failure of two other banks: [Silicon Valley Bank on Friday](https://www.pymnts.com/digital-first-banking/2023/state-regulator-closes-silicon-valley-bank-and-appoints-fdic-receiver/) (March 10) and [Signature Bank on Sunday](https://www.pymnts.com/news/banking/2023/signature-bank-shut-down-and-placed-under-fdic-control/) (March 12).

Positive impact of US regulators' overnight support actions in the banking system faded quickly.

Jim Herbert, Founder and Executive Chairman and Mike Roffler, CEO and President of First Republic Bank said, “First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks. First Republic Bank (FRC) share price closed 14% lower on Friday last week and is trading around $22, down by over 73% in the opening hours of trading session on Monday. Stock price of First Republic Bank tumbles nearly 73% as pressure mounts on US regional banks.

The lender said over the weekend that it's getting $70 billion in funding from JPMorgan and the Fed's backstop for depositors. Advertisement. First ...

[embattled Swiss banking giant](https://markets.businessinsider.com/news/stocks/credit-suisse-shareholder-harris-associates-exits-entire-stake-2023-3?_gl=1*148pbq1*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3ODY5NDg3Mi4xNTMuMS4xNjc4NzAyNjMxLjAuMC4w) has been facing [internal troubles](https://markets.businessinsider.com/news/stocks/credit-suisse-regulator-review-swiss-bank-client-outflows-finma-reuters-2023-2?_gl=1*1dveyc8*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3NzE2NDMyMy4xNTIuMC4xNjc3MTY0MzIzLjAuMC4w&utm_medium=ingest&utm_source=markets) for some time now. [tumultuous one for banks](https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3) with Silicon Valley Bank (SVB), once a trusted lender for startups, [closed down and taken over](https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-fdic-wall-street-regulator-finance-investing-2023-3) by US regulators on Friday. [Register Now](https://www.businessinsider.in/fow2023?utm_source=bi&utm_medium=event_bi&utm_campaign=BI_FOW_Event) [Silicon Valley Bank's shutdown by regulators](https://www.businessinsider.com/how-silicon-valley-bank-imploded-2023-3). [US regional banks](https://markets.businessinsider.com/news/stocks/first-republic-pacwest-bank-stock-price-crash-contagion-fears-svb-2023-3) are now feeling the shockwaves from SVB's collapse. The California-based [PacWest](https://markets.businessinsider.com/stocks/pacw-stock)'s stock plunged 43% to $7.11 on Monday while Arizona-based [Western Alliance Bancorp](https://markets.businessinsider.com/stocks/wal-stock?utm_medium=ingest&utm_source=markets) was down 76.8% to $11.47 at last check. In Zurich, the bank's shares traded around record lows, dropping 12% to 2.20 Swiss francs ($2.42) at last check. But the Like First Republic, [PacWest Bancorp](https://markets.businessinsider.com/stocks/pacw-stock) caters to the same type of venture capital clients as SVB did. [Credit Suisse](https://markets.businessinsider.com/stocks/cs-stock)'s US-listed shares fell 6.2% to $2.49 on Monday. Trading in the stock was halted several times over volatility, [per Reuters](https://www.reuters.com/markets/us/futures-rise-bets-likely-rate-hike-pause-after-svb-collapse-2023-03-13/).

First Republic Bank: The credit rating company cited concerns over the lenders' reliance on uninsured deposit funding and unrealized losses in their asset ...

“If it were to face higher-than-anticipated deposit outflows and liquidity backstops proved insufficient, the bank could need to sell assets, thus crystalizing unrealized losses,” Moody’s said. Moody’s also downgraded Signature Bank and withdrew its credit rating, following the lender’s closure over the weekend. The credit rating company cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.

The short-term local currency bank deposit rating of Prime-1 and short-term counterparty risk assessment of Prime-1(cr) were also placed on review for downgrade ...

Alternatively, please see the Rating Methodologies page on [https://ratings.moodys.com](https://ratings.moodys.com) for a copy of this methodology. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. First Republic's BCA and ratings could be downgraded if the bank's deposit base has eroded markedly, triggering asset sales, loss crystallization and a higher reliance on market funding. An upgrade of First Republic's ratings is unlikely given the current review for downgrade. The review for downgrade reflects the extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows. An additional offset to these funding risks is the creation of Federal Reserve and Treasury Department's new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks and other eligible depository institutions pledging qualifying assets owned prior to the facility's announcement date. First Republic's long term local and foreign currency counterparty risk rating of A3, long-term local currency bank deposit rating of A1, long-term counterparty risk assessment of A2(cr), baseline credit assessment (BCA) and adjusted BCA of a3 were placed on review for downgrade. Such crystallization of losses, if it were to happen, could materially weigh on the bank's profitability and capital, which at the same date were modest compared to peers, with a return on asset of 0.78% and a tangible common equity (TCE) over risk-weighted asset ratio of 9.1%. New York, March 13, 2023 -- Moody's Investors Service (Moody's) has today placed all long-term ratings and assessments of First Republic Bank (First Republic) on review for downgrade.

Western Alliance, Comerica among banks with ratings on review · US bank stocks pummeled after collapse of Silicon Valley Bank.

The stock traded 20% higher in the premarket and was one of the best-performing names in the SPDR S&P Regional Banking ETF (KRE) — which was up 5%.

Correction: The Fed on Sunday announced the Bank Term Funding Program. One of those is the Fed's Bank Term Funding Program, which will allow banks to exchange certain high-quality assets for cash without booking mark-to-market losses. regulators took extraordinary measures to backstop all depositors in the now-failed Silicon Valley Bank. [First Republic led the way lower, losing 61.8%](https://www.cnbc.com/2023/03/13/first-republic-drops-bank-stocks-decline.html). Executive Chairman Jim Herbert told CNBC's Jim Cramer that the bank was [not seeing big outflows and was operating as usual](https://www.cnbc.com/2023/03/13/frc-tells-cnbc-the-bank-isnt-seeing-that-many-depositors-leave-jpm-funding-working.html). [PacWest](/quotes/PACW/) jumped 35%, [KeyCorp](/quotes/KEY/) gained 16%, and [Zions Bancorp](/quotes/ZION/) advanced 11%.

The US banking system in is chaos again as shares of the First Republic Bank (FRC) dropped 70 per cent in pre-market trading on Monday.

The FRC said it had access to some additional credit from Fed and JPMorgan Chase & Co. (JPM) pointing out that "total available and unused liquidity to fund its operations is still over $70 billion." The Silicon Valley Bank was hit by one of the oldest problems in the banking industry- a bank run, which led to its failure.