First Republic Bank: Cash position of about $34B, not including $30B in bank group deposits
THIS CONVERSATION AT A LATER DATE. >> HOPE TO DO THAT WE HAVE BREAKING NEWS ON FIRST REPUBLIC BANK. BERTHA COOMBS HAS THAT BERTHA >> JON, THIS AFTERNOON, FIRST REPUBLIC CHAIR JIM HERBERT AND MIKE RUFFLER ISSUING A WORD OF THANKS TO THE BANKS THAT HAVE HELPED SHORE UP THEIR FACILITIES, SAYING THEIR COLLECTIVE SUPPORT STRENGTHENS OUR LIQUIDITY POSITION THE COMPANY SAYING AS OF MARCH 15th, 2023, THE BANK NOW HAD A CASH POSITION OF APPROXIMATELY $34 BILLION, NOT INCLUDING THE $30 BILLION OF UNINSURED DEPOSITS FROM B OF A, CITI, JPMORGAN, WELLS FARGO, GOLDMAN SA SACHS, MORGAN STANLEY AND
OTHERS AND THOSE ARE AT AN INITIAL TERM OF 120 DAYS AT MARKET RATES. THEY ALSO BORROWED BETWEEN MARCH 10th AND MARCH 15th FROM THE FEDERAL RESERVE, THOSE BORROWINGS VARIED FROM 20 BILLION TO 109 BILLION AT OVERNIGHT RATES OF 4.75% THEY ALSO WENT TO THE FEDERAL HOME LOAN BANK AND GOT $10 BILLION AS OF MARCH 9th AT A RATE OF 5% THEY SAY THAT THEIR DAILY DEPOSIT OUTFLOWS HAD NOW SLOWED CONSIDERABLY AND THE INSURED DEPOSITS SINCE MARCH 8th TO THE CLOSE OF MARCH 15th REMAINED STABLE THEY ALSO ARE ANNOUNCING THEY ARE SUSPENDING THEIR COMMON STOCK DIVIDEND
AS A RESULT OF BEING FOCUSED ON REDUCING BORROWS AND EVALUATING THE COMPOSITION AND SIZE OF THEIR BALANCE
