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The Independent UK
The Independent UK
National
Ken Sweet

First Republic clients pulled $100B in deposits during panic

Copyright 2023 The Associated Press. All rights reserved

Depositors at First Republic Bank pulled more than $100 billion out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.

San Francisco-based First Republic said Monday that it was only able to staunch the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.

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