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First Republic Bank Stock Drops 55% in Pre-Market

First Republic Bank's stock saw a significant drop of 55% during the pre-market hours on Monday, March 13th. Despite having around $212 billion in assets under management, the bank's stock fell from its Friday close at $81.71 to $36.32 following the pre-market decline.

First Republic Bank
First Republic Bank

First Republic Bank Claims $70 Billion in Unused Liquidity

In a statement released on March 12th, First Republic Bank revealed that it has over $70 billion in unused liquidity to fund operations. This amount, which has increased from the earlier revealed $60 billion, does not include funding the bank can receive through the Bank Term Funding Program (BTFP). The bank has also strengthened its liquidity profile through additional borrowing capacity from the Federal Reserve and JPMorgan Chase.

First Republic Bank Assures Customers of Strong Capital and Liquidity Positions

First Republic Bank's Chairman Jim Herbert and CEO Mike Roffler assured customers that the bank's capital and liquidity positions are strong and remain well above the regulatory threshold for well-capitalized banks. The bank has further enhanced and diversified its financial position through additional liquidity from JPMorgan Chase and the Federal Reserve.