Breaking News: First Republic Bank's Share have lost 90% of its value
The California-based First Republic Bank (FRB) is facing a difficult situation, with shares plummeting and customers withdrawing $100 billion in deposits during the turmoil in March.
ph: First Republic Bank
Despite the bank's woes, Wall Street regulators and financiers are brainstorming ways to help stabilize the bank. Sources close to the negotiations indicate that some major US banks are considering sending $30 billion USD to FRB to rescue the bank, while the Federal Deposit Insurance Corporation (FDIC) may take control of the institution and provide guarantees for all deposits, as they did with Silicon Valley Bank (SVB). Officials from the White House, US Federal Reserve, and US Treasury Department have held meetings with the FRB in recent days, amid growing concern that the Biden administration is running out of time to reassure depositors and investors.
FRB shares have fallen by 40%, with the bank struggling to find buyers for its business. Potential buyers have cited too much risk to accept the deal. This situation has caused investors to be less stressed, as the KBW Regional Bank Index has only fallen by less than 4%. Nevertheless, PacWest, a bank with strong ties to the tech industry, has seen its shares drop by 8% in mid-afternoon trading in New York.
Despite the bank's struggles, shareholders are hopeful that a solution can be found, given that the US government is involved in negotiations to help stabilize the bank. The uncertainty surrounding FRB highlights the challenges that banks face in today's economic climate. It remains to be seen how this situation will be resolved, but shareholders and investors are watching closely, hoping for a positive outcome.
Breaking News: First Republic Bank\'s Share have lost 90% of its value
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