First Republic clients pulled $100 billion in deposits during banking panic

Customers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail a fter the collapse of Silicon Valley Bank and Signature Bank.large banks stepped in to save itAfter gaining 12% on Monday, the bank's shares tumbled more than 20% after the close of trade.

First Republic reported first-quarter results Monday that showed it had $173.5 billion in deposits in early March before Silicon Valley Bank failed on March 9. On April 21, it had deposits of $102.7 billion, including the $30 billion the big banks deposited. It said since late March, its deposits have been relatively stable.

"We continue to take steps to strengthen our business," Jim Herbert, the bank's executive chairman and Mike Roffler, the bank's CEO, said in a joint statement.Before the failure of Silicon Valley Bank, First Republic had a banking franchise that was the envy of most of the industry. Its clients, mostly the rich and powerful, rarely defaulted on their loans.

The bank's profits fell 33% from a year earlier, according to its earnings, and revenues were down 13%. Wall street analyst Adam Crisafulli of Vital Knowledge said in a report for investors that First Republic's"earnings prospects are still bleak."

Source: Financial Digest (financialdigest.net)

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