First Republic clients pulled $100B in deposits during panic

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Depositors at First Republic Bank pulled more than $100 billion in deposits out of the bank during last month’s crisis. That came as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank. It was only after a group of large banks stepped in to save the bank by depositing $30 billion in uninsured deposits in First Republic that the bank was able to staunch the bleeding. That’s what the bank said Monday as it reported its first quarter results. The bank’s profits in the first three months of the year fell 33% from a year earlier and revenues were down 13%.