Former First Republic CEO, Michael Roffler, testified before House lawmakers on Wednesday, revealing that his bank fell victim to the widespread panic that ensued following the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later. The events that unfolded as a result were beyond their control, he said.
“No one at First Republic could have predicted the collapse of Silicon Valley and Signature, the speed at which it happened, or the impact it had on the banking industry,” Roffler said before the House Subcommittees on Financial Institutions and Monetary Policy and Oversight and Investigations.
These were the first public remarks made by the former chief executive since regulators seized First Republic on May 1, marking the nation’s second-largest bank failure since the 2008 financial crisis. JPMorgan Chase then acquired the majority of First Republic’s operations….