First Republic Bank spoke to at least one private equity firm about raising capital before it secured financing from JPMorgan Chase & Co and U.S. authorities intervened with support for the industry, two sources familiar with the matter said.
. SVB had seen flight of deposits, many of which were uninsured. First Republic's shares recovered a part of their losses on Tuesday, rising 27%.
One of the sources said other banks, too, had looked for capital but after the administration's emergency measures on Sunday and a rout in bank stocks the following day, any deals would likely take time. In some cases, the situation had flipped from banks looking for capital to investors seeking bargains, one of the sources said.
Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year,About 70% of its deposits are uninsured, above the median of 55% for medium-sized banks and the third highest in the group after Silicon Valley Bank and Signature Bank, according to a Bank of America note.carefully monitoring developments atThe official said the U.S.
Reporting by Greg Roumeliotis, Paritosh Bansal, Megan Davies; additional reporting by Nupur Anand and Pete Schroeder; editing by Paritosh Bansal and Kim Coghill
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