What to know about First Republic Bank
By Karl Evers-Hillstrom
First Republic Bank is the latest financial institution to come under stress following the second- and third-largest bank failures in U.S. history. The San Francisco-based bank, which had $212 billion in assets at the end of last year, has seen its stock price plummet 87 percent over the last two weeks as large depositors pulled their funds…“The reason why I think First Republic and the other banks, while problematic, are not as fragile is that their percentages of uninsured deposits, while relatively high, is far lower than Signature and SVB and their asset base is a good deal more diversified,” said Karen Shaw Petrou, managing partner of Federal Financial Analytics.
Sylvan Lane contributed