First Republic clients pulled $100 billion in deposits during banking panic
CBSN
Customers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail a fter the collapse of Silicon Valley Bank and Signature Bank.
San Francisco-based First Republic said Monday that it was only after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits that the bank was able to staunch the bleeding.
After gaining 12% on Monday, the bank's shares tumbled more than 20% after the close of trade. First Republic's stock has tumbled 90% this year amid investor concerns about the stability of regional lenders after the March collapse of Silicon Valley Bank and Signature Bank.
The Federal Trade Commission asked a federal judge on Wednesday to delay a trial in a case accusing Amazon of using deceptive practices in its Prime subscription program, citing staffing and budgetary challenges at the government agency.
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Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.
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