This sentence could have used some editing: “Yet First Republic was in a better position than most of these institutions—though a Bay area bank, it was much more diversified across industries and geographies, though it catered to a high-net-worth clientele it was not exclusively a bank for the superrich, though it had seen substantial deposit growth with the tech boom it had not felt effects from the tech-cession, and though it did end up heavily concentrated in low-yield long-dated assets those mostly represented traditional mortgage lending.”
