First Republic clients pulled $100 billion in deposits during banking panic
CBSN
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.
San Francisco-based First Republic said Monday that it was only after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits that the bank was able to staunch the bleeding.
After gaining 12% on Monday, the bank's shares tumbled more than 20% after the close of trade. First Republic's stock has tumbled 90% this year amid investor concerns about the stability of regional lenders after the March collapse of Silicon Valley Bank and Signature Bank.
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