Former First Republic CEO Michael Roffler told House lawmakers on May 16 that the California bank fell victim to the widespread panic caused by the collapse of Silicon Valley Bank on March 10 and Signature Bank two days later.
The events that unfolded as a result were beyond First Republic’s 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 told 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 acquired the majority of First Republic’s operations….