First Republic tells CNBC the bank isn't seeing that many depositors leave, JPMorgan funding working

First Republic Bank has been capable to conscionable withdrawal demands connected Monday with the assistance of further backing from JPMorgan Chase, the bank's enforcement president told CNBC's Jim Cramer.

Jim Herbert told Cramer that the slope was not seeing monolithic outflows of deposits and that the concern was operating arsenic usual. Herbert declined to accidental specifically however overmuch had been withdrawn, Cramer said.

First Republic announced Sunday it had received further liquidity from the Federal Reserve and JPMorgan. That brought the bank's unused liquidity to $70 billion, First Republic said, earlier accounting for imaginable usage of the Bank Term Loan Facility that the Fed created implicit the weekend.

However, the banal plunged Monday and was halted aft falling 76%.

Shares of First Republic were nether important unit connected Monday

Herbert is the laminitis of First Republic and served arsenic CEO from 1985 to 2022.

The interest astir First Republic comes aft the caller nonaccomplishment of Silicon Valley Bank and Signature Bank. Like SVB, First Republic caters to affluent clients and companies whose deposits transcend the threshold for national insurance.