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First Republic Bank FRC shares are trading lower in Thursday's after-hours session after the bank announced a deal for $30 billion in deposits from major banks and said it has decided to suspend its dividend.

What To Know: First Republic is set toreceive uninsured deposits totaling$30 billionfrom several banks including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truistand U.S. Bank.

Related Link:First Republic Rallies As Major US Banks Pledge Assistance To Calm Markets

"Their collective support strengthens our liquidity position, reflects the ongoing quality of our business, and is a vote of confidence for First Republic and the entire U.S. banking system," said Jim Herbert, founder and executive chairman, and president and CEO Mike Roffler in a joint statement.

First Republic noted that it previously obtained additional liquidity and has since drawn on its borrowing capacity due to recent developments in the banking industry.

As of March 15, First Republic had a cash position of approximately $34 billion, which doesn't include the aforementioned $30 billion in uninsured deposits from various banks.

Daily deposit outflows have slowed considerably in recent days and the bank is now focused on reducing its borrowings and evaluating its balance sheet. As a result, First Republic said it will suspend its dividend.

Check This Out:Why Silicon Valley Bank Collapsed: A Simple Explainer

FRC Price Action: First Republic shares were down 23.5% after hours at $26.30 at time of publication, according toBenzinga Pro.

Photo via Shutterstock.

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From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

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From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

From Coinbase to Milei and LIBRA: Crypto class-action suits pile up

Class-action lawsuits against crypto-related firms are building up, with cases facing major firms such as Bakkt and Coinbase.

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Philippines SEC cracks down on unregistered crypto exchanges

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Philippines SEC cracks down on unregistered crypto exchanges

Philippines SEC cracks down on unregistered crypto exchanges

The Philippines SEC flagged OKX, Bybit, KuCoin and others for offering crypto services without authorization, warning of enforcement and app store bans.

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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.

Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.

At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!

Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.

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And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.

The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.

Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.

But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”

Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.

Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.

Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.

The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.

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