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TL;DR Breakdown<ul><li>First Republic Bank reassures clients about its strong capital and liquidity positions amidst market uncertainty.</li><li>The bank’s capital levels are significantly higher than regulatory requirements, and its liquidity position is strong with access to over $60 billion of unused borrowing capacity.</li><li>The bank is committed to serving its clients’ financial needs, and is ready to process transactions, fund loans, and provide exceptional service.</li></ul>In the wake of recent events<a href="https://www.firstrepublic.com/resource/message-to-our-clients" rel="noopener noreferrer nofollow"> </a>that have caused uncertainty in the financial markets, First Republic Bank has sent out a message to its valued clients, reinforcing the safety and stability of the bank.The bank’s capital, liquidity, and operations remain strong, ensuring clients’ financial needs are met. Recall that I <a href="https://www.cryptopolitan.com/first-republic-bank-nears-collapse/" rel="noopener noreferrer nofollow">reported</a> about First Republic potentially collapsing yesterday.<h2 id="header-0">Reaching out to clients</h2>First Republic Bank urges its clients to reach out to their First Republic banker or wealth manager if they need any assistance. The bank is ready to process transactions and wires, fund loans, answer questions, and serve clients’ overall financial needs.“We stand ready to process transactions and wires, fund loans, answer questions and serve your overall financial needs – as we do every day,” said the bank in its message to clients.First Republic Bank also highlighted its ability to navigate through macroeconomic and interest rate environments, emphasizing its commitment to taking care of its clients.“It’s a privilege to serve you,” said the bank in its message to clients.The bank also pointed out its success in retaining its clients, stating that it has among the industry’s highest rates of client satisfaction and retention.<h2 id="header-1">First Republic Bank’s capital and liquidity remain strong</h2>First Republic Bank’s capital levels are significantly higher than the regulatory requirements for being considered well-capitalized.The bank’s liquidity is also strong, with access to over $60 billion of available, unused borrowing capacity at the Federal Home Loan Bank and the Federal Reserve Bank.In addition, the bank has diversified its financial position through access to additional liquidity from JPMorgan Chase &amp; Co.“We operate with an emphasis on safety and stability at all times, while maintaining a well-diversified deposit base,” said Jim Herbert, Founder and Executive Chairman of First Republic Bank, and Mike Roffler, CEO and President of First Republic Bank.Total available, unused liquidity to fund operations is now more than $70 billion, excluding additional liquidity that First Republic Bank is eligible to receive under the new Bank Term Funding Program announced by the Federal Reserve.<h2 id="header-2">Exceptional service at all times</h2>For almost 40 years, First Republic Bank says it has operated a simple, straightforward business model centered on taking extraordinary care of its clients. The bank has successfully navigated various macroeconomic and interest rate environments, and today has among the industry’s highest rates of client satisfaction and retention.“We are here to help you accomplish your financial objectives, and to provide you with extraordinary service at all times,” said the bank in its message to clients.The banking industry has also recently experienced some turmoil, leading to a decline in bank shares. First Republic Bank led the decline, losing 70% in premarket trading on Monday after declining 33% the previous week.Other banks that were affected included PacWest Bancorp, Western Alliance Bancorp, Zions Bancorporation, KeyCorp, Bank of America, and Charles Schwab.However, the Federal Reserve has created a new Bank Term Funding Program that will offer loans for up to a year to banks in return for high-quality collateral like Treasuries. The central bank has also eased conditions at its discount window.“First Republic continues to fund loans, process transactions and fully serve the needs of clients by delivering exceptional service,” said Herbert and Roffler.Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

First Republic Bank sends out a message to clients – Details

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Інші статті, опубліковані 13 бер. 2023 р.

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