First Republic confirms it will receive deposits totaling $30B from banks

First Republic (FRC) announced it will receive uninsured deposits totaling $30 billion on March 16, 2023 from Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), Bank of New York Mellon (BK), PNC Bank (PNC), State Street (STT), Truist (TFC), and U.S. Bank (USB). This support from America’s largest banks reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities, the company said. Jim Herbert, Founder and Executive Chairman, and Mike Roffler, CEO and President of First Republic Bank said, "We would like to share our deep appreciation for Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank. Their collective support strengthens our liquidity position, reflects the ongoing quality of our business, and is a vote of confidence for First Republic and the entire U.S. banking system. In addition, we want to share our sincerest thanks to our colleagues, clients, and communities for their continued and overwhelming support during this period."