First Republic says able to fulfill withdrawal demands - Breaking The News

First Republic says able to fulfill withdrawal demands

13 March

1 min read

EPA/JUSTIN LANE

First Republic Bank told CNBC in an interview on Monday that it has been able to fulfill all withdrawal demands today, with additional assistance from JPMorgan Chase & Co.

CEO Jim Herbert reassured the public that there were no extensive deposit outflows and that the business was being carried out as usual. Nonetheless, he didn't comment on how much has been withdrawn.

Previously, the bank announced that it obtained additional liquidity from the Federal Reserve and JPMorgan, in order to further enhance and diversify "its financial position." First Republic's stock nosedived 66% at 11:55 am ET, going for $27.82.

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