First Republic Bank
FRC,
said Sunday it had bolstered its financial position through “additional liquidity” from the Federal Reserve and JPMorgan Chase & Co.
JPM,
In a statement, the San Francisco-based bank said the new funding gives it more than $70 billion in unused liquidity. “The additional borrowing capacity…increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the bank said.
The boost does not include additional funding the bank it eligible to borrow through the Fed’s new emergency loan program announced Sunday.
Investors have been worried about First Republic because of its similar profile to Silicon Valley Bank
SIVB,
which collapsed Friday, in the nation’s second-largest bank failure ever. That came after the failure of Silvergate Capital last week. On Sunday, crypto-friendly Signature Bank was shut down by regulators.
“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” First Republic founder and Executive Chairman Jim Herbert and Chief Executive Mike Roffler said in a joint statement Sunday.