Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank.
In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President Mike Roffler stressed that the California-based bank and wealth management company’s capital “remains strong.”
“Our capital levels are significantly higher than the regulatory requirements for being considered well-capitalized,” the email reads, adding that the bank has access to more than $60 billion available in unused borrowing capacity following support from the Federal Home Loan Bank and the Federal Reserve Bank….