First Republic Bank, based in San Francisco, is promoting its financial position after it announced more borrowing capacity from JPMorgan Chase and the Federal Reserve. After the sudden collapse of Silicon Valley Bank’s stock, First Republic Bank came under severe pressure on Friday. On Sunday, the bank announced that it had increased its borrowing capacity with the Fed and was able to access additional financing through JPMorgan Chase. The news release from the $212.6 billion-asset bank stated that the news “increases and diversifies, further strengthens First Republic’s existing liquidity profile.” The bank claims it has more than $70 trillion in unused liquidity. Jim Herbert, the bank founder and executive chairman, said that First Republic’s capital, liquidity, and capital positions are very strong. Mike Roffler is the bank’s CEO and president. Tim Coffey, analyst at Janney Montgomery Scott, said that the news is a “positive step” following investors’ concerns over recent days. He added that another plus is that the bank was open and not part of Sunday’s regulatory announcements. “It wasn’t closed tonight. Coffey stated that he believes that the bank’s announcement was positive. The bank’s announcement came just after federal regulators announced new steps for increasing confidence in the U.S. financial system. SVB Financial, a tech-rich bank, failed Friday after it was hit by a wave of depositors. Many of them were venture capital firms and tech companies whose deposits were well above the $250,000 insurance limit. SVB Financial and Signature Bank, a New York-based crypto-friendly bank, were also taken over by regulators. First Republic sent an update Friday after its stock was under pressure. It stressed that only 4% of its deposits were tech-related and that it had a stable deposit base. In a Sunday announcement, the bank’s executives repeated that message. The bank’s executives stated that they continue to operate as we have since 1985 with an emphasis on safety, stability, and a well-diversified deposits base. First Republic will continue to fund loans, process transactions, and provide exceptional service to clients. The Fed also announced that it would create a new program to give banks one-year loans to pledge high-quality securities. This includes U.S. Treasury securities as well as mortgage-backed securities. Jon Arfstrom, an analyst at RBC Capital Markets wrote in a research paper that he appreciated First Republic’s proactive approach to answering key stakeholder and investor questions about the company’s financial situation. Arfstrom wrote that while we don’t know the status of deposit flow at the company over the weekend but that this announcement does provide some relief as to the overall funding availability.