First Republic Bank lost more than $100 billion in consumer deposits

First Republic Bank, one of the American financial institutions that struggled the most during a recent banking crisis, has announced that it lost billions in consumer deposits representing more than half the total it held at the end of 2022.

In total, First Republic lost $102 billion in deposits, the New York Times reported. It had held $176 billion at the end of 2022. Its quarterly profit, moreover, fell roughly one-third from the same period in 2022, bringing in $269 million.

The bank received an emergency influx of cash from fellow banks, with financial institutions contribution $30 billion to keep First Republic afloat in mid-March.

Its situation is still precarious and the bank's stock remains more than 85% down from its pre-crash figure, per the Times.

First Republic narrowly escaped collapse last month after Silicon Valley Bank and Signature Bank both went under. The turmoil affected firms across the ocean such as Credit Suisse, which was later purchased by UBS.

The Federal Deposit Insurance Corporation normally insures accounts up to a value of $250,000, though an estimated 68% of First Republic's deposits did not meet that criteria as of March.

In the case of SVB, however, the FDIC has moved to insure all depositors as part of its rescue effort.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.