The Bank Slate


First Republic announces aid from Fed, JPMorgan Chase

First Republic Bank in San Francisco said it has improved it financial position with help from the Federal Reserve and JPMorgan Chase.

The bank said in a press release that it had received additional borrowing capacity from the Fed and added financing from JPMorgan Chase.

In addition to continued access to funding through the Federal Home Loan Bank, the bank said it has more than $70 billion of total available, unused liquidity to fund operations. The amount excludes additional liquidity First Republic is eligible to receive under the new bank term funding program the Fed announced on Sunday.

“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” the bank said in the release.

“We operate with an emphasis on safety and stability at all times, while maintaining a well-diversified deposit base,” the release added. “First Republic continues to fund loans, process transactions and fully serve the needs of clients by delivering exceptional service.”

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