First Republic Bank CEO Jim Herbert has told CNBC’s Jim Cramer that the bank is not experiencing many depositors leaving.
Cramer spoke with Herbert and asked about outflows, and Herbert responded by saying that it’s business as usual.
While this may be a reassuring statement, Cramer notes that it’s never a good sign when a bank has to reassure anyone about their liquidity.
Herbert did not provide information on how much money might be leaving the bank, but did say that there were no sizable numbers of people looking to withdraw their funds.
Despite the lack of information, Cramer reports that First Republic Bank is working to stabilize the situation.