First Republic Bank gets funding boost from Fed, JPMorgan

First Republic Bank
FRC,
-14.84%
said Sunday it had bolstered its financial position through “additional liquidity” from the Federal Reserve and JPMorgan Chase & Co.
JPM,
+2.54%.

In a statement, the San Francisco-based bank said the new funding gives it more than $70 billion in unused liquidity. “The additional borrowing capacity…increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the bank said.