First Republic drops 50%, leads decline in bank stocks despite government's backstop of SVB

[kimbutgar]

1. I got some of my IRA money in that bank and got an email from them saying they have liquidity.

To Our Valued Clients,

In light of recent industry events, the last few days have caused uncertainty in the financial markets. We want to take a moment to reinforce the safety and stability of First Republic, reflected in the continued strength of our capital, liquidity and operations.

Our capital remains strong. Our capital levels are significantly higher than the regulatory requirements for being considered well capitalized.
Our liquidity remains strong. In addition to our well-diversified deposit base, we continue to have access to over $60 billion of available, unused borrowing capacity at the Federal Home Loan Bank and the Federal Reserve Bank.
We are here to fully serve you. We stand ready to process transactions and wires, fund loans, answer questions and serve your overall financial needs — as we do every day.
For almost 40 years, we have operated a simple, straightforward business model centered on taking extraordinary care of our clients. We have successfully navigated various macroeconomic and interest rate environments, and today we have among the industry’s highest rates of client satisfaction and retention.

We are here to help you accomplish your financial objectives and provide you with extraordinary service at all times. Please feel free to reach out to your First Republic banker or wealth manager if we may be of service.

It’s a privilege to serve you,