First Republic Bank, which ranked fourteenth in the list of the largest US commercial banks at the end of 2022, fell by 40.8 percent during the first quarter of 2023, to $ 104.5 billion, after facing a wave of withdrawals from deposits after the Silicon Valley Bank crisis.
First Republic's deposits stood at approximately $173.5 billion as of March 9, 2023, but on March 10, following the announcement of the Silicon Valley crisis, First Republic Bank witnessed an unprecedented rush to withdraw deposits. Which lasted until March 16 when the bank received $30 billion in support from a group of 11 private banks in the US, including Citigroup, Wells Fargo, Bank of America, and JPMorgan Cheese.
Source (Sky News Arabia Website, Edited)
