Posted on 04/25/2023 11:22:22 AM PDT by CFW
Shares of First Republic fell sharply and hit a record low Tuesday, as investors questioned how the bank would stabilize itself after losing about 40% of its deposits during the first quarter.
First Republic’s stock fell more than 40% on Tuesday, extending its year-to-date losses beyond 90%. It hit a record intraday low at $8.27 per share.
(Excerpt) Read more at cnbc.com ...
No, not over. In the past I had a number of CD's at First Republic, earning from 8 to 9 percent annually. Those days are long gone, and I no longer have any deposits there. Money was worth a lot more back then. Biden is making sure the dollar is crumbling.
Our last First Republic CD paid off a month ago.
.
CD rates are creeping up, but will not approach the high rates of decades ago. We currently have some CD’s at our credit union, because they are offering higher rates than the CD’s we had at banks recently (Chase, Citibank, etc.). Money flowing into credit unions away from banks?
I think that bank was part of the Keating 5....rip off. That old lying John McCain was part of.....
My bank just lowered the APR on accounts from .01 to zero. All while interest rates are rising. That tells me something about the condition of banks right now.
Old news on deposits cratering. This was not unexpected. Their revenue numbers beat expectations.
That said, they’re finished as a regional powerhouse bank. Big layoffs coming to First Republic.
Deposits are LIABILITIES to a bank.
Without deposits they don’t have money to loan and they are no bank at all.
If what you said was true then a bank run would make a bank stronger instead of taking it out.
So I say Nonsense to what you said.
Since anyone can join a Credit Union why should people have accounts with private banks when they have absolutely no say in what they do! At least as a member of a credit union you have some say.
Down over 50% now....
JUST IN: First Republic Bank $FRC expected to be seized by US government, Fox reports.
https://twitter.com/WatcherGuru/status/1650951663845351425
I think we knew a few weeks ago that this was going to happen. I wouldn’t give two cents for Credit Suisse either. Or Wells Fargeo, BOA, Chase.
Banks don't loan deposits.
Kiss of death, this bank will fail.
The credit markets will be spooked now.
Right. You don't own the deposited money, the banks own it and you have a share of the bank's value. When you deposit money, you get an IOU. If the bank runs into trouble, the FDIC may cover you to a certain extent but a promise is, just a promise until you're made whole.
Reports say they might have lost billions.
“JUST IN - First Republic Bank share price plunges over 50% as it lost more than $100 billion in customer deposits.”
https://twitter.com/disclosetv/status/1650949501165662212?s=61&t=dBbdqd_YOX7K8phCZrsUOQ
Of course they DO-—but NOT all deposits.....
Where do you think they get $$$$$$$ to loan out???
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.