First Republic Bank Says It’s Seeing ‘Business as Usual’

First Republic Bank is reportedly seeing “business as usual” after bank failures of recent days.

CNBC reported Monday (March 13) that First Republic Bank Executive Chairman Jim Herbert told the network’s Jim Cramer that the bank was meeting withdrawal demands with the help of additional funding, was not seeing “massive” outflows and was experiencing “business as usual.”

Herbert did not say how much had been withdrawn from the bank on Monday, according to the report.

First Republic Bank did not immediately reply to PYMNTS’ request for comment.

The bank’s stock was down about 64% Monday after the failure of two other banks: Silicon Valley Bank on Friday (March 10) and Signature Bank on Sunday (March 12).

First Republic Bank caters to clients with deposits higher than the maximum amount covered by federal insurance — as did Silicon Valley Bank — the CNBC report said.

In the report, Herbert said the bank was meeting withdrawal demands with the help of additional funding from JPMorgan Chase.

First Republic announced in a Sunday press release that it had gained access to additional liquidity from both JPMorgan Chase and the Federal Reserve Bank and that its capital and liquidity remained “very strong.”

Together with its existing access to funding from the Federal Home Loan Bank, this brought its total unused liquidity to $70 billion, according to the release.

“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” Herbert and First Republic Bank CEO and President Mike Roffler said in the release. “As we have done since 1985, we operate with an emphasis on safety and stability at all times, while maintaining a well-diversified deposit base.”

Two days earlier, on Friday, First Republic said in a filing with the Securities and Exchange Commission (SEC) that its deposit base is well diversified, its liquidity position remains strong, and its investment portfolio is stable and accounts for less than 15% of total bank assets.

“This filing reiterates First Republic’s continued safety and stability and strong capital and liquidity positions,” the bank said in its Friday filing to the SEC.