First Republic Bank Boosts Liquidity Amid SVB Crisis – SVB Final GR (NASDAQ: SIVB), First Republic Bank (NYSE: FRC), JPMorgan Chase (NYSE: JPM)

Also in the form of banking crisis deepens in America, First Republic Bank FRC said it has enhanced and diversified its financial position through additional borrowing capacity federal Reservecontinued access to funding through federal home loan bankand the ability to access additional financing JPMorgan Chase & Co. jpm,

First Republic’s total available unused liquidity funds for operations currently exceed $70 billion, it said.

The figure excludes additional liquidity banks are eligible to receive under the new bank term funding program announced by the Fed, the lender clarified.

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The report will be a big positive for the bank as it was able to raise funds at a time when the banking industry is once again facing a crisis from rising rates.

At a time when banks fear a possible run after a lender goes bankrupt, the biggest relief to depositors and shareholders is always extra liquidity. trust becomes a rare commodity,

“First Republic’s capital and liquidity position is very strong, and its capital is well above regulatory limits for well-capitalized banks,” said Founder and Executive Chairman Jim Herbertand CEO Mike Roffler said in a joint statement.

“First Republic continues to loan, process transactions and fully meet customer needs by providing exceptional service.”

Shares of First Republic Bank fell as low as $45 on Friday before rebounding and closing at $81.76. Since the release date is Sunday, it will be interesting to see how the stock reacts when the market opens on Monday.

Last week, leading market commentators Jim Cramer Tweeted that First Republic Bank is the new focus, calling it a “very good bank”. Cramer has faced some criticism in the wake of SVB Financial Group SIVB Fallout as he highlighted SVB as one of the standouts S&P 500 stock in february

Read further: Signature Bank Deposits Closed, Substantial Assets Transferred by the FDIC to Bridge Bank: What You Need to Know

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