First Republic, Western Alliance Seek to Ease Worries Over SVB meltdown

Benzinga 2023-03-13

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First Republic Bank ($FRC@US) and Western Alliance ($WAL@US) said on Friday their liquidity and deposits remained strong, aiming to calm investors’ concerns that the collapse of Silicon Valley Financial Group will impact other banks. FRC said the average account size of consumer deposits is less than $200,000 and business deposits less than $500,000. Technology-related deposits accounted for 4 percent of total deposits. Western Alliance reported total deposits of $61.5 billion and warned of a moderate decline from these levels by the end of the quarter due to seasonal and monthly activity. However, it said its full-year deposit growth forecast of 13 percent to 17 percent.

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