First Republic Bank’s (FRC) shares plunged as much as 70% on Monday as concerns increased about the fate of regional lenders in the wake of Silicon Valley Bank’s failure, despite the statement from the bank late Sunday that it had more than $70 billion in unused liquidity to fund operations from the agreement, including from the Federal Reserve and JPMorgan Chase & Co.
Also Read | Aaron Rodgers to New York Jets ‘done deal’? Trey Wingo says Green Bay Packers QB ‘cautiously optimistic’
The KBW Bank Index dropped 12%, the biggest fall in three years.
“The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversify, and further strengthens First Republic’s existing liquidity profile,” the bank said, reported Bloomberg.
Also Read | Has Cate Blanchett ever won an Oscar? Michelle Yeoh’s Best Actress win over All Quiet on the Western Front actress divides the internet
Who is Michael J Roffler?
Michael J Roffler is the Executive Vice President and Chief Financial Officer of the First Republic Bank. He joined First Republic in 2009 as Deputy Chief Financial Officer. He was appointed Executive Vice President and Chief Financial Officer in 2015.
Also Read | Who is Paul Rogers? Everything Everywhere All At Once film editor becomes internet crush after Oscars 2023 win
Before joining the FRC, Roffler worked for KPMG LLP for 16 years as a Certified Public Accountant, five of which were as an audit partner. He is on the Board of Directors of the American Heart Association, Greater Bay Area. BS, 1993, Marquette University; Stanford Graduate School of Business Executive Program, 2013.
Also Read | Joe Biden’s speech on SVB, Signature Bank collapse lasts for 3 minutes, walks away without taking questions, internet reacts
According to his LinkedIn profile, Roffler holds a bachelor’s degree from Marquette University. He attended the Business Executive Program at the Stanford Graduate School of Business in 2013.
Roffler is also an active community member and participates in various philanthropic endeavors. He has led the organization’s Heart Walk campaign since 2017. He is a supporter and fundraiser for the Bay Area American Heart Association (AHA).
Also Read | List of companies impacted by Silicon Valley Bank collapse
According to Wallmine, the total compensation of Roffler at FRC is $5,952,470 as Executive Vice President and Chief Financial Officer.