Jim Herbert, First Republic's executive chairman, told Cramer that the bank was not seeing massive outflows of deposits and was operating as usual.
First Republic announced Sunday it had received additional liquidity from the Federal Reserve and JPMorgan. That brought the bank's unused liquidity to $70 billion, First Republic said, before accounting for potential use of the Bank Term Loan Facility that the Fed created over the weekend.
Shares of First Republic were under significant pressure on MondayThe concern around First Republic comes after the recent failure of Silicon Valley Bank and Signature Bank. Like SVB, First Republic caters to wealthy clients and companies whose deposits exceed the threshold for federal insurance.
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