![]() ![]() ![]() Amid rising interest rates and after the failures of Silicon Valley Bank and Signature Bank this year, a growing cohort of depositors sought to move their money to banks seen as safer and offering more attractive returns.Īmong medium-sized banks, First Republic was most affected by the trend: As of mid-March, about 70% of its deposits were uninsured, according to Bank of America, meaning they were larger than the FDIC’s $250,000 guaranteed limit. The intervention comes days after First Republic reported losing about 40% of its deposits in the first quarter of the year. Nate Link has worked as a doctor, and now as the Chief Medical Officer of Bellevue, the oldest (and one of the largest) hospitals in America. “The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families,” the spokesperson said in a statement. Nate Link - Chief Medical Officer of Bellevue, and author of 'The Ailing Nation: Lessons from the Bedside for America’s Leaders' Healthcare Reimagined Medicine For 37 years, Dr. A spokesperson for the Treasury Department sought to reassure the markets and the public after First Republic, with $229.1 billion in total assets at the time of closure, eclipsed Silicon Valley Bank ($209 billion at the time of closure) to become the second-largest bank failure in American history. ![]()
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