Another Bank Moves to Shore Up Funding

“First Republic Bank said it has shored up its finances with additional funding from the Federal Reserve and JPMorgan Chase,” the Wall Street Journal reports.

“The fresh funding gives the bank, which was under pressure following the collapse of SVB Financial Corp. last week, $70 billion in unused liquidity. That doesn’t include money First Republic is eligible to borrow through a new Fed lending facility designed to help banks meet withdrawals.”