First Republic Bank will get funding enhance from Fed, JPMorgan

First Republic Bank
FRC,
-14.84%
mentioned Sunday it had bolstered its monetary place by “additional liquidity” from the Federal Reserve and JPMorgan Chase & Co.
JPM,
+2.54%.

In an announcement, the San Francisco-based financial institution mentioned the brand new funding offers it greater than $70 billion in unused liquidity. “The additional borrowing capacity…increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the financial institution mentioned.