FRCB First Republic Bank (CE)

By Ben Glickman

The Federal Deposit Insurance Corporation missed chances to take earlier action before the failure of First Republic Bank, according to a report.

The material loss review of First Republic Bank, published Tuesday by the FDIC inspector general's office, concluded the agency should re-evaluate its guidance on uninsured deposits following the First Republic Bank failure.

The report found the "magnitude and velocity of uninsured deposit outflows" made a re-evaluation necessary.

The FDIC said First Republic was well-capitalized upon each examination based on established metrics, but the agency may consider changes to guidelines for safety and soundness, including potentially adopting noncapital triggers for regulatory action.

First Republic faced a run on deposits in the spring following the collapse of Silicon Valley Bank in March, eventually prompting regulatory intervention.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 29, 2023 11:41 ET (16:41 GMT)

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