Shares of First Republic Bank tanked by nearly 70% in pre-market trading on Monday before trading in the stock halted — just hours after federal regulators announced that they would step in and assume control of failed lenders Silicon Valley Bank and Signature Bank.
The San Francisco-based First Republic Bank, a regional lender with more than $216 billion in assets under management, was last down 67% at $27.08 before its trading was halted for volatility.
Trading was halted despite President Biden addressing the burgeoning crisis.
First Republic was one several regional banks that led Monday’s decline in the banking sector — fueling more fears that large financial institutions were at risk.
Among other regional lenders, Western Alliance was down 82.% and PacWest Bancorp slid 52% before their trading was halted for volatility.
Read more at https://nypost.com/2023/03/13/first-republic-bank-falls-over-60-after-svb-signature-collapse/
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