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[1/3] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. FDIC Chairman Martin Gruenberg said in March the agency was also probing possible misconduct related to the collapses of Silicon Valley Bank (SVB) and Signature Bank (SBNY.PK) New York. As with SVB and Signature Bank, the FDIC is probing whether First Republic executives and board members broke rules that require them to act in the bank's best interests. NO ACTIONThe March implosions of SVB and Signature Bank sparked a deposit run at First Republic. FDIC bank failure probes can take years.

Persons: Jason Reed, Martin Gruenberg, SVB, Michael Roffler, James Herbert, Roffler, Michael Krimminger, IndyMac, Michael Perry, Douglas Gillison, Christine Prentice, Michelle Price, Matthew Lewis Organizations: Federal Deposit Insurance Corp, REUTERS, Federal Deposit Insurance Corporation, First Republic Bank, Reuters, FDIC, Valley Bank, Signature Bank, Regulators, First Republic, U.S . Justice Department, Securities, Exchange Commission, SEC, First, Bloomberg, Federal, JPMorgan Chase &, JPMorgan, Reserve, New, Thomson Locations: Washington, Republic, New York, First Republic, Massachusetts, SVB

☆ First Republic's former co-CEO could be Turkey's next central bank chief
▼ + stars: | 2023-06-06 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

A former co-CEO of First Republic is said to be in line to be Turkey's next central bank chief. Turkey's central bank is expected to return to more orthodox policies. That's not stopping the Turkish government, which is considering Hafize Gaye Erkan, a former co-CEO of First Republic, to be the next governor of its central bank, according to reports. The bank would ultimately name the chief financial officer, Michael Roffler, to be CEO. Turkey's central bank has been a punching bag for Erdogan, who has forced out its leaders and pressured the bank to slash interest rates even in the face of surging inflation.

Persons: Hafize Gaye Erkan, Goldman Sachs, Recip Tayyip Erdogan, Erkan, Jim Herbert, Herbert, Graystone, Michael Roffler, Erdogan, Mehmet Şimşek Organizations: First, Morning, Princeton, JPMorgan Chase, Erkan, Reuters, First Republic, Financial Times, Bogazici University Locations: First Republic, Turkey's, Turkey, Republic

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

May 17 (Reuters) - Shares of U.S. regional lenders jumped on Wednesday on growing investor confidence that the worst of the banking crisis was likely over, following news of strong deposit growth at Western Alliance Bancorp (WAL.N). Arthur Hogan, chief market strategist at B. Riley Wealth, said Western Alliance's deposit growth disclosure was good news for worried investors. "Western Alliance, one of the most hard-hit banks, came out with a filing showing deposit increase. Western Alliance shares, which are down 41% year-to-date, surged 10% to $34.81, erasing losses recorded over the last two weeks. Other regional lenders closed higher: PacWest Bancorp (PACW.O), whose stock has lost nearly 76% of its value year-to-date, spiked 22%.

☆ First Republic’s Ex-CEO Michael Roffler to Testify in Congress
▼ + stars: | 2023-05-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

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☆ First Republic Bank’s Ex-CEO Michael Roffler to Testify in Congress
▼ + stars: | 2023-05-17 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

☆ Ex-First Republic CEO blames contagion for bank's collapse
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - The former chief executive of the First Republic Bank Michael Roffler blamed the bank's collapse on the contagion from the failures of other regional banks and said regulators did not express concerns regarding the bank's strategy, liquidity, or management performance. "We could not have anticipated that Silicon Valley Bank and Signature Bank would fail, or that the failure of those banks would trigger substantial deposit outflows at our bank," he said. First Republic's financial position and strategy were regularly reviewed by the California Department of Financial Protection and Innovation (DFPI) and the FDIC, he said. California banking regulators shut down First Republic Bank on May 1 and sold its assets to JPMorgan Chase & Co (JPM.N), in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under lingering banking turmoil. Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ First Republic Bank executives' trading probed by SEC investigators - Bloomberg News
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - The U.S. Securities and Exchange Commission is investigating the conduct of First Republic Bank executives before the government seizure and sale to JPMorgan Chase & Co (JPM.N), Bloomberg News reported on Friday, citing people familiar with the matter. The SEC is looking into whether any members of the then-executive team of First Republic improperly traded on inside information, according to the report. Senator Elizabeth Warren accused First Republic executives of "mismanagement" in a letter to its former CEO Micahel Roffler and raised questions on the failed lender's risk management as well as pay and bonuses. Regulators seized troubled First Republic Bank and JPMorgan agreed to buy majority of its assets earlier this week, marking the largest U.S. bank failure since the 2008 financial crisis. JPMorgan declined to comment, while First Republic and SEC did not immediately respond to Reuters' requests for comment.

☆ Senator Elizabeth Warren seeks information from First Republic's former CEO, Wall Street Journal reports
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. Senator Elizabeth Warren has written to Michael Roffler, the former chief executive of failed First Republic Bank asking for more information on his and other executives' pay, the Wall Street Journal reported on Thursday. Warren's office did not immediately respond to a Reuters request for comment, while Roffler could not be reached for comment. Regulators seized troubled First Republic Bank and JPMorgan Chase (JPM.N) agreed to buy majority of the lender's assets earlier this week, marking the largest U.S. bank failure since the 2008 financial crisis. Reporting by Niket Nishant in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ First Republic teeters on the edge — again
▼ + stars: | 2023-04-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank’s fate is looking grim. The bank’s stock has plummeted about 75% this week, after a disappointing first-quarter earnings report Monday revived Wall Street’s fears about a banking crisis and catalyzed an exodus out of First Republic stock. About two-thirds of First Republic’s deposits were uninsured with the FDIC when the banking turmoil took hold in March, lower than the 94% at Silicon Valley Bank. But at the end of 2022, First Republic had a whopping ratio of 111% for loans and long-term investments to deposits, according to S&P Global. Déjà vuFirst Republic’s fight for survival comes just over a month after Silicon Valley Bank’s collapse on March 10.

☆ Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails
▼ + stars: | 2023-04-26 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

CNBC's David Faber, who first reported on the rescue plan Tuesday, said that the coming days are crucial for First Republic. But that model broke down in the aftermath of the SVB failure as its wealthy customers quickly pulled uninsured deposits. Other possible, but less-likely moves include converting the big bank's deposits into equity, or even finding a buyer. They also benefited the buyers who were able to cherry-pick the best assets while the FDIC retains underwater bonds, the First Republic advisors noted. "If anything, last night's discouraging update will make it even harder for First Republic to keep what it has."

☆ First Republic may not survive, even after two multibillion-dollar bailouts
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.

☆ Banks ‘aren’t out of the woods’ after the collapse of SVB and Signature
▼ + stars: | 2023-04-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —A month ago, code blue sirens went off at banks across the globe after the collapse of Silicon Valley Bank and Signature Bank. For now, looking at banks’ deposits may lead you to believe that banks are in better shape than they are, but they “are not out of the woods just yet,” said Ana Arsov, managing director at Moody’s. After the collapse of SVB and Signature Bank, record levels of deposits poured into Bank of America, JPMorgan Chase and Citibank from mid-size and regional banks. A sign is posted on the exterior of a First Republic Bank office on March 16, 2023 in San Francisco. And the Fed’s likely rate hikes at its upcoming meetings will lead to more deposit outflows, said Wolfe.

☆ First Republic stock craters 49% after the bank reveals customers pulled out $100 billion of deposits last quarter
▼ + stars: | 2023-04-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

First Republic shares fell 49% Tuesday on the back of dire first-quarter earnings. The regional bank's customers pulled out more than $100 billion worth of deposits last quarter. First Republic plans to lay off around 25% of its workforce during the second quarter. Without that lifeline, First Republic's deposit outflows would have totaled $102 billion – which equates to around 41% of the customer deposits it held prior to the first quarter, according to Deutsche Bank. "With the closure of several banks in March, we experienced unprecedented deposit outflows," the San Francisco-based bank's CFO Neal Holland said after Monday's earnings release.

☆ First Republic stocks drops nearly 50% after plunge in deposits
▼ + stars: | 2023-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

First Republic Bank also expects to cut its workforce by 20-25% this quarter, it said late Monday during its first-quarter earnings call. “Total deposits were $102.7 billion as of April 21, 2023, down only 1.7% from March 31, 2023,” he said. The bank reported earnings per share of $1.23, higher than analysts’ expectations of $0.85 per share, according to Refinitiv data. When the banking crisis erupted, about two-thirds of First Republic’s deposits were uninsured with the Federal Deposit Insurance Corporation. There’s a lot of money on the line: In January and February, trading in First Republic stock was outright sleepy.

☆ Exclusive: Massachusetts regulator probes First Republic insiders' stock sales
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +4 min

He is seeking details about the firm's insider trading policies and how officers handled their stock sales from January 1. A spokesperson for First Republic declined to confirm the firm received a subpoena or comment on the stock sales. Silicon Valley Bank and Signature Bank were seized by regulators days later amid liquidity crises, actions that sapped investor confidence in the sector. SHARE SALESSeveral First Republic executives have sold shares this year, including founder and Executive Chairman James Herbert. Herbert and Roffler did not respond to requests for comment on their stock sales or the subpoena.

☆ First Republic Bank stock tumbles on credit downgrade and deposit worries
▼ + stars: | 2023-03-15 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention. Fitch also placed another regional bank, PacWest Bancorp, on watch for a potential credit ratings downgrade of its own. The moves reflect continued worries about the banking system in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Both credit ratings firms pointed to the large amount of deposits at First Republic that are uninsured because they are above the $250,000 FDIC limit. Moody’s Investors Service on Tuesday cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, including First Republic.

☆ First Republic bolsters liquidity after wild weekend of bank failures
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

First Republic Bank said it's getting additional funding from the Federal Reserve and JPMorgan Chase. It's been a wild weekend for banks after SVB was shut down by regulators following a bank run. There are fears of contagion at regional banks such as First Republic. This funding injects $70 billion of unused liquidity into San Francisco-based First Republic, the bank said in a Sunday filing. First Republic Bank's shares fell 15% on Friday to $81.76 apiece.

A First Republic Bank branch in New York, US, on Friday, March 10, 2023. San Francisco's First Republic shares lost 70% in premarket trading Monday after declining 33% last week. First Republic Bank led a decline in bank shares Monday that came even after regulators' extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions. The SPDR S&P Regional Banking ETF lost 4% in premarket trading Monday following a 16% decline last week. The slide for regional bank stocks on Monday comes after a rush of withdrawals from SVB Financial forced that bank to close.

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