Brief: Former CEO Of First Republic Bank Roffler Says Bank Was Contaminated Overnight By Contagion That Spread From Unprecedented Failures Of 2 Regional Banks

First Republic Bank

17/05/2023 03:39

May 16 (Reuters) - 
  
    * FORMER CEO OF FIRST REPUBLIC BANK ROFFLER SAYS BANK WAS
CONTAMINATED OVERNIGHT BY CONTAGION THAT SPREAD FROM
UNPRECEDENTED FAILURES OF 2 REGIONAL BANKS
    * FORMER CEO OF FIRST REPUBLIC BANK ROFFLER: RUN ON FRC WAS
UNDOUBTEDLY CATALYZED BY WIDESPREAD PANIC INSPIRED BY THE ABRUPT
FAILURE OF SILICON VALLEY BANK, SIGNATURE BANK
    * FIRST REPUBLIC BANK FORMER CEO- BANK'S FINANCIAL POSITION
AND
STRATEGY WERE REGULARLY REVIEWED BY OUR REGULATORS
    * FORMER CEO OF FIRST REPUBLIC BANK ROFFLER: FIRST REPUBLIC
WAS
PREPARING FOR REDUCED PROFITS IN 2023 AS COMPARED TO OUR RECORD
PROFITS IN 2022
    * FORMER CEO OF FIRST REPUBLIC - NEITHER REGULATOR EXPRESSED
CONCERN REGARDING BANK'S STRATEGY, LIQUIDITY, OR MANAGEMENT
PERFORMANCE—JUST THE OPPOSITE
    * FORMER CEO OF FIRST REPUBLIC BANK ROFFLER: TO BE CLEAR, NO
ONE
AT FIRST REPUBLIC COULD HAVE PREDICTED THE COLLAPSE OF SILICON
VALLEY BANK, SIGNATURE BANK
    * FORMER CEO OF FIRST REPUBLIC BANK ROFFLER: FRC WAS IN A
STRONG
FINANCIAL POSITION WITH STRONG INVESTMENT GRADE RATINGS ALIGNED
WITH THE NATION’S LARGEST BANKS.
    * FORMER CEO OF FIRST REPUBLIC - DURING THE DAY ON MARCH 9,
AS
UNCERTAINTY SURROUNDING SVB GREW, WE EXPERIENCED A SIGNIFICANT
INFLOW OF DEPOSITS
    * FORMER CEO OF FIRST REPUBLIC -  OVER THE COURSE OF THE
ENSUING
WEEKS, A TOTAL OF OVER $100 BILLION IN DEPOSITS WERE WITHDRAWN
FROM THE BANK.

Source text [https://bit.ly/3Mu31XP]
Further company coverage:  FRCB.PK 

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