re: #14 Eclectic Cyborg

First Republic is a regional bank that has focused on high net worth individuals and their businesses, including offering mortgages at low interest rates to those customers.

Those mortgages, as well as other long-term assets on the bank’s balance sheet, have fallen in market value since the Fed began hiking rates last year making investors worried that the bank would have to book a sizeable loss if forced to sell those assets to raise cash.

The bank’s massive deposit outflows came after the collapse of Silicon Valley Bank and Signature Bank in March. The nation’s largest banks, including JPMorgan Chase, have already helped out First Republic since then with $30 billion in time deposits.

Essentially a run on the bank because many of their depositors had well over 250k with them and they got spooked by SVB.