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First Republic’s Billions In Losses Show Why Bank Deposits Need More Protection

Posted on AllSides May 4th, 2023
From The Center
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“We experienced unprecedented deposit outflows,” said the First Republic Bank CFO on Monday. The news had just hit that First Republic suffered a massive $100 billion plunge in deposits in the aftermath of the meltdown of Silicon Valley Bank.

This shaved 50% off First Republic shares on Tuesday, down to the $8 range. Today FRB plummeted another 30% to under $6 per share, valuing the business at a $1 billion market cap. That’s smaller than many of Arc’s fintech banking peers… And keep in mind that FRB stock was near...

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