First Republic Bank released its first-quarter financial results, which revealed a 40% decline in deposits compared to the end of 2022 in the wake of the recent banking crisis.
Steven Kandarian, former MetLife president, chairman and CEO, discusses whether another collapse like Silicon Valley Bank is lurking in the financial system on"The Claman Countdown."dropped in after-hours trading following the San Francisco-based regional bank’s first-quarter earnings report, which revealed the bank’s deposits dropped 40% amid the crisis that enveloped regional lenders following Silicon Valley Bank’s collapse.
First Republic shares dropped in after-hours trading following the release of its first-quarter results, falling as much as 20% before rebounding to about a 17% decline as of 5:30 p.m. Eastern. Earlier in the day, the stock had posted a gain of more than 12% before the closing bell. In the wake of the turmoil, First Republic is moving to "increase insured deposits, reduce borrowings from the Federal Reserve Bank, and decrease loan balances to correspond with the reduced reliance on uninsured deposits."
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