Posted on 03/12/2023 6:05:19 PM PDT by DoodleBob
SAN FRANCISCO, March 12, 2023--(BUSINESS WIRE)--First Republic Bank (NYSE:FRC), a leading private bank and wealth management company, today said it has further enhanced and diversified its financial position through access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase & Co.
The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile. The total available, unused liquidity to fund operations is now more than $70 billion. This excludes additional liquidity First Republic is eligible to receive under the new Bank Term Funding Program announced by the Federal Reserve today.
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. As we have done since 1985, we operate with an emphasis on safety and stability at all times, while maintaining a well-diversified deposit base. First Republic continues to fund loans, process transactions and fully serve the needs of clients by delivering exceptional service."
(Excerpt) Read more at finance.yahoo.com ...
So what if there’s a run on the bank tomorrow?
That likely won't happen, because most depositors see that their bank has funding to meet their needs.
Bank runs are about fundamentals, but also expectations.
There is no place for woke banks. I hope they all fail.
There’s constant gaslighting about the economy. How bad is it really? These are not technical problems. They are fundamental structural problems.
There’s constant gaslighting about the economy. How bad is it really?
I would really like to know but I do t see a reliable source for the truth.
I hope every damn woke company in the WORLD goes bankrupt!!!!!!!!!!!!!!!!!!!!!!!!!
these IDIOTS don’t care about making money, they only want to push their agendas! so LET THEM FAIL!!!!!!!!!!!!!!!!
kinda loke musical chairs when the music stops turn out the lights the party is over
A good FRiend was worried about the stories in the news, about the bad economy. We went out for a drive and saw PACKED Parking lots.
The internet and MSM will tell you what they want you to hear.
FWIW, I see people shopping and getting new jobs.
I spazzed and thought the headline read, “Free Republic Bank”
Ok, now that’s funny.
What is happening is that the kid just overdosed on crack.
Everybody panicked but first responders arrived and saved his life.
Then daddy put $100K in his bank account.
Everything is good now!
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