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(Reuters) – The former chief executive of the First Republic Bank (OTC:FRCB) Michael Roffler blamed contagion spread from the failures of regional banks for the bank’s collapse and said regulators did not express concerns regarding the bank’s strategy, liquidity, or management performance.
A total of over $100 billion in deposits were withdrawn from the bank over the course of weeks in response to industry-wide panic about the soundness of regional banks, Roffler said in his testimony to Senate Banking Committee.
