First Republic Bank FRC shares are trading lower by 60.05% to $32.66 premarket Monday morning after the company said it improved its liquidity profile by increasing its borrowing facility from the Federal Reserve and JP Morgan.
So What's Going On?
First Republic said its total available unused liquidity to fund operations stands at over $70 billion.
The figure excludes additional liquidity the bank is eligible to receive under the new Bank Term Funding Program announced by the Fed, the lender clarified.
"First Republic's capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” founder and Executive Chairman Jim Herbert, and CEO Mike Roffler said in a joint statement...Read More
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
