The beleaguered First Republic Bank will receive $30 billion from the top U.S. banks in a bid to stabilize the troubled firm, the banks confirmed in a joint statement Thursday. Eleven of the largest U.S. banks will provide an infusion to the bank following a volatile week that saw the lender’s stock plunge following the…
Depositors Line Up Outside First Republic Branches Across California
Customers of First Republic—the San Francisco-headquartered bank that caters to high-net-worth clients and businesses—were lining up at various California branches ton Monday following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. That day waiting outside First Republic’s Montgomery Street branch in San Francisco, a California business owner named Chad told The…
2 More Banks Seek to Reassure Customers After Silicon Valley Bank Collapse
California-based First Republic Bank and Arizona-based Western Alliance Bancorporation both attempted to calm nerves around the collapse of Silicon Valley Bank after shares for both financial institutions plunged in the past week or so. First Republic Bank told customers that their deposits were safe amid fears of spillover caused by SVB’s collapse late last week…
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