Bank failures are wakeup call to address widespread bank board governance deficiencies

First Republic Bank, the 14th largest U.S. bank ($213 billion in assets as of the end of 2022), saw its shares decline by 75 percent at one point last week over concerns about Silicon Valley Bank (SVB) and Signature Bank.  While First Republic’s problems are a bit different from the two recent bank failures, the concern over its survivability was great enough that a group of…