![]() ![]() The intervention comes days after First Republic reported losing about 40% of its deposits in the first quarter of the year. “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. ![]() ![]() 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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