$30 Billion in Uninsured Deposits Committed
from America’s Largest Banks
First Republic Bank (NYSE:FRC), a leading private bank and
wealth management company, today announced it will receive
uninsured deposits totaling $30 billion on March 16, 2023 from Bank
of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs,
Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street,
Truist, and U.S. Bank.
This support from America’s largest banks reflects confidence in
First Republic and its ability to continue to provide unwavering
exceptional service to its clients and communities.
Jim Herbert, Founder and Executive Chairman, and Mike Roffler,
CEO and President of First Republic Bank said, “We would like to
share our deep appreciation for Bank of America, Citigroup,
JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of
New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank.
Their collective support strengthens our liquidity position,
reflects the ongoing quality of our business, and is a vote of
confidence for First Republic and the entire U.S. banking system.
In addition, we want to share our sincerest thanks to our
colleagues, clients, and communities for their continued and
overwhelming support during this period.”
As previously announced, First Republic (the “Bank”) obtained
additional liquidity through additional borrowing capacity. It has
since drawn on this borrowing capacity following recent industry
events.
- As of March 15, 2023, the Bank had a cash position of
approximately $34 billion, not including the $30 billion of
uninsured deposits from Bank of America, Citigroup, JPMorgan Chase,
Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York
Mellon, PNC Bank, State Street, Truist, and U.S. Bank with an
initial term of 120 days at market rates.
- From March 10 to March 15, 2023, Bank borrowings from the
Federal Reserve varied from $20 billion to $109 billion at an
overnight rate of 4.75%.
- Since close of business on March 9, 2023, the Bank has also
increased short-term borrowings from the Federal Home Loan Bank by
$10 billion at a rate of 5.09%.
Insured deposits from close of business on March 8, 2023 to
close of business on March 15, 2023 have remained stable. Daily
deposit outflows have slowed considerably.
The Bank is focused on reducing its borrowings and evaluating
the composition and size of its balance sheet going forward.
Consistent with this focus and during this period of recovery, the
Bank’s Board of Directors has determined to suspend its common
stock dividend.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer
private banking, private business banking and private wealth
management. First Republic specializes in delivering exceptional,
relationship-based service and provides a complete line of
products, including residential, commercial and personal loans,
deposit services, and private wealth management, including
investment, brokerage, insurance, trust and foreign exchange
services. Services are offered through preferred banking or wealth
management offices primarily in San Francisco, Palo Alto, Los
Angeles, Santa Barbara, Newport Beach and San Diego, California;
Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida;
Greenwich, Connecticut; New York, New York; Jackson, Wyoming; and
Bellevue, Washington. First Republic is a constituent of the
S&P 500 Index and KBW Nasdaq Bank Index. For more information,
visit firstrepublic.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements about our expectations, beliefs, plans,
predictions, forecasts, objectives, assumptions or future events or
performance are not historical facts and may be forward-looking.
These statements are often, but not always, made through the use of
words or phrases such as “anticipates,” “believes,” “can,” “could,”
“may,” “predicts,” “potential,” “should,” “will,” “estimates,”
“plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends”
and similar words or phrases. Accordingly, these statements are
only predictions and involve estimates, known and unknown risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed in them. All forward-looking
statements are necessarily only estimates of future results, and
there can be no assurance that actual results will not differ
materially from expectations, and, therefore, you are cautioned not
to place undue reliance on such statements. Any forward-looking
statements are qualified in their entirety by reference to the
factors discussed throughout our public filings under the
Securities Exchange Act of 1934, as amended. Further, any
forward-looking statement speaks only as of the date on which it is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events.
FRC-G
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version on businesswire.com: https://www.businesswire.com/news/home/20230316005726/en/
Investors: Andrew Greenebaum / Kimberly Esterkin Addo
Investor Relations agreenebaum@addo.com, kesterkin@addo.com (310)
829-5400
Media: Greg Berardi Blue Marlin Partners
gberardi@firstrepublic.com (415)-239-7826
Grafico Azioni First Republic Bank (NYSE:FRC)
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