
First Republic Bank Shares Drop 49% after Sharp Decline in Deposits in Q1 2023
First Republic Bank received uninsured deposits totaling $30 billion from a group of America’s largest banks on March 16, 2023, to help reduce the chances of a bank run.
First Republic Bank received uninsured deposits totaling $30 billion from a group of America’s largest banks on March 16, 2023, to help reduce the chances of a bank run.
In an attempt to save First Republic Bank, a number of mainstream banking giants have decided to come to the bank’s aid with a total deposit of $30 billion.
First Republic recently saw its shares jump 20% as the market still recovers from the collapse of Silicon Valley Bank.
Shares of First Republic Bank (FRC) have been in the red for the past year, shedding more than 48% in the last twelve months.