Exclusive: Massachusetts regulators are investigating First Republic stock sales by top executives at the bank in the weeks leading up to recent turmoil 4:09 PM
A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File Photo
A spokesperson for First Republic declined to confirm the firm received a subpoena or comment on the stock sales. Galvin said his office has opened a similar probe into insider sales by executives at SVB Financial Group, which owned Silicon Valley Bank until its failure. The Wall Street Journal previously reported that investigation.A spokesperson for Simpson Thacher & Bartlett LLP, counsel to Silicon Valley Bridge Bank, declined to comment.
with preferential rates on mortgages and loans. This strategy also made it more vulnerable than regional lenders with less-affluent customers, since U.S. deposit insurance only guarantees $250,000 per savings account."Both entities - their banking strategies were risky. That’s a fair statement. The risk has come home to roost," said Galvin.
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