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First Republic secures new facility from JPMorgan

Published 03/12/2023, 10:00 PM
Updated 03/12/2023, 10:06 PM
© Reuters. 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.

© Reuters. 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

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.

Latest comments

at least Chase is stepping up to help stem the tide of this contagion. people don't realize how close we came to disaster tomorrow it was going to be really bad if the feds hadn't stepped in
does this mean JP Morgan = the federal reserve?
Yes, JPM was a agent for Roth child to establish Federal Reserve in 1913.
Yes. JP Morgan and citi bank are actually the top shareholders of the federal reserve. There are also I believe, 8 other banks that are the share holders of the majority of the Fed Bank. Crazy right?
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