First Republic secures new facility from JPMorgan

The Park Avenue location of First Republic Bank, in New York City

(Reuters) – U.S. private bank First Republic Bank said on Sunday it had secured additional financing through JPMorgan Chase & Co, giving it access to a total of $70 billion in funds through various sources.

First Republic’s announcement came after its share price was hit last week in the aftermath of a run on SVB Financial Group.

Silicon Valley Bank’s collapse on Friday prompted U.S. Federal Reserve and other regulators to announce a series of emergency measures to shore up confidence in the banking system.

In a statement, First Republic said additional borrowing capacity from the U.S. Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available.

(Reporting by Paritosh Bansal; Editing by Kim Coghill)