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Bloomberg reported that Moody’s Investors Service placed First Republic Bank and five additional U.S. lenders on review for downgrade following the collapse of Silicon Valley Bank.
According to the Bloomberg report, Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s, citing concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.
Read the full Bloomberg report here.