A view of the First Republic Bank logo at the Park Avenue location, in New York City, U.S., March 10, 2023. REUTERS/David ‘Dee’ Delgado
(Reuters) – U.S. private bank First Republic Bank (NYSE:FRC) said on Sunday it had secured additional financing through JPMorgan Chase & Co (NYSE:JPM), giving it access to a total of $70 billion in funds through various sources.
First Republic’s announcement came after its share price was hit last week in the aftermath of a run on SVB Financial Group.
Silicon Valley Bank’s collapse on Friday prompted U.S. Federal Reserve and other regulators to announce a series of emergency measures to shore up confidence in the banking system.
In a statement, First Republic said additional borrowing capacity from the U.S. Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available.