Replies to post #694 on First Republic Bank (FRCB)

[mo_doggie]

I agree.

[UpTickMeA$AP]

This information seems clearly misleading. Deposits are not the same. Customers withdrew some $70 Billion, and that was before Yellen made it clear broad deposit protection was not going to be given.

customers had withdrawn some $70 billion

https://www.wsj.com/articles/first-republic-taps-lazard-for-help-with-review-of-strategic-options-31271bd

The big banks injected $30 Billion, leaving a $40 Billion gap between the $70 Billion out flow.

And Alecta dumping all of its $ FRC holdings, taking a $728 Million loss, wasn't to "cause fear in retail." That's ridiculous.

https://www.reuters.com/markets/deals/swedish-pension-fund-alecta-sells-its-stake-first-republic-bank-2023-03-21/

This Bank is most likely going to be slaughtered. Shareholders will get slaughtered either way. Holding this banks equity, sounds incredibly foolish.

Alecta, Sweden's biggest pension fund, has sold all its shares in ailing U.S lender First Republic Bank (FRC.N) at a loss of $728 million