First Republic Bank's Credit Downgrade Sparks Deposit Flight Concerns
TL;DR Summary
First Republic Bank has been downgraded to 'junk' status by S&P Global Ratings due to concerns over further deposit flight that could hurt its profitability. The bank's deposit base is more concentrated than most large regional banks, with a portion above the FDIC's $250,000 threshold at risk of withdrawal. Fitch also downgraded the bank's debt rating.
Topics:business#credit-downgrade#deposit-flight#finance#first-republic-bank#profitability#sandp-global-ratings
- First Republic Bank downgraded to 'junk' by S&P on risk of deposit flight MarketWatch
- First Republic Bank stock tumbles on credit downgrade and deposit worries CNN
- A bank failure, a panic, and a race to close on a home Yahoo Finance
- Confessions of a Panicked First Republic Client: Me The Epoch Times
- First Republic Bank: Buy When There Is Blood In The Street (NYSE:FRC) Seeking Alpha
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