First Republic offers banking for individuals and businesses, wealth management and more with a focus on tailored services and solutions.
First Republic Bank is a commercial bank and provider of wealth management services headquartered in San Francisco. It caters to high-net-worth individuals. It operates 93 offices in 11 states, primarily in New York, California, Massachusetts, and Florida. As of December 31, 2022, the company had $166 billion in outstanding loans receivable, including $102 billion in loans secured by residential real estate, $34 billion in loans secured by income-producing commercial real estate, $18 billion in business loans, and $10 billion in other loans. Collateral securing loans was overwhelmingly in the metro areas of Boston, New York City, San Francisco, and Los Angeles.
Moody’s is watching the banking sector and has already cut its ratings on several institutions because of ongoing economic headwinds.
The increase in Q2 2023 figures show that JPMorgan is not negatively affected by its recent acquisition of First Republic Bank.
Burry increased his stakes in several regional banks in Q1, including NYCB, PacWest, Western Alliance, and First Republic.
