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$FRC Bank admitted that it suffered intense deposit outflows of $100 billion during the SVB-induced turmoil and came close to collapse. Even worse and more troubling, management refused to take and answer analysts' questions during the earnings call. Shares of First Republic Bank are trading more than 40% lower today as troubling media reports about the company continue to mount. For example, it was reported that First Republic Bank may have to sell up to $100 billion in assets to pay off emergency loans. Rating agencies have warned that any strategic options for the bank are likely to be challenging and costly for investors. In summary, there appears to be a real risk of a third US bank failing in 2023!

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