The net deposit outflow would have topped $100 billion in the first quarter if not for a rescue from 11 of the nation's largest banks
First Republic (FRC) said Monday it lost a net total of $72 billion in deposits during the first quarter, an outflow that would have topped $100 billion if not for a rescue from 11 of the nation's largest banks.
Customers pulled their money from the San Francisco institution following the March 10 failure of Silicon Valley Bank, an event that triggered panic across the banking system and caused depositors to seek the perceived safety of bigger financial institutions.
First Republic tried to weather the turmoil by borrowing from the Federal Reserve, receiving $30 billion in uninsured deposits from 11 of the country’s largest banks and hiring advisers to pursue a number of options, including a sale.
David Hollerith | Yahoo Finance