First Republic Bank

2023 - 3 - 13

Post cover — Image courtesy of "Reuters"

First Republic tumbles as fresh financing fails to soothe deposit ... (Reuters)

First Republic Bank's shares more than halved in premarket trading on Monday as news of fresh financing failed to reassure investors days after SVB ...

[(BAC.N)](https://www.reuters.com/companies/BAC.N) dropped 6.51%, Citigroup Inc [(C.N)](https://www.reuters.com/companies/C.N) fell 5.42% and Wells Fargo [(WFC.N)](https://www.reuters.com/companies/WFC.N) slid 6.93%, while [lenders in Asia and Europe](/markets/asia/asian-bank-stocks-tumble-us-systemic-concerns-prevail-2023-03-13/) plunged too. The question is at what point do they become self fulfilling," McGratty said. [(.KRX)](https://www.reuters.com/quote/.KRX) plunged 11.40%, underperforming the S&P 500 banking index's [(.SPXBK)](https://www.reuters.com/quote/.SPXBK) 8% fall. [(WAL.N)](https://www.reuters.com/companies/WAL.N) was down 82.% and PacWest Bancorp [(PACW.O)](https://www.reuters.com/companies/PACW.O) slid 52% before their trading was halted for volatility. Federal Reserve, giving it access to a total of $70 billion in funds through various sources. [emergency measures](/business/finance/regulators-urged-find-silicon-valley-bank-buyer-industry-frets-about-fallout-2023-03-12/) on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank [(SIVB.O)](https://www.reuters.com/companies/SIVB.O) threatened to trigger a broader financial crisis. [(SBNY.O)](https://www.reuters.com/companies/SBNY.O), with regulators guaranteeing deposits at both Signature and SVB. [additional financing](/business/finance/first-republic-secures-new-facility-jpmorgan-2023-03-13/) through JPMorgan Chase & Co [(JPM.N)](https://www.reuters.com/companies/JPM.N) and the U.S. [The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) [(FRC.N)](https://www.reuters.com/companies/FRC.N) plunged on Monday as news of fresh financing failed to assuage investor fears of contagion in the banking sector after SVB Financial Group's [(SIVB.O)](https://www.reuters.com/companies/SIVB.O) downfall last week. Register for free to Reuters and know the full story

First Republic drops 60%, leads decline in bank stocks despite ... (CNBC)

First Republic Bank led a decline in bank shares Monday that came even after regulators' extraordinary actions Sunday evening.

The slide for regional bank stocks on Monday comes after a rush of withdrawals from SVB Financial forced that bank to close. In a fragile environment like we are in, we believe banks should be cautious about the potential negative signaling effect of raising deposit rates to keep deposits," Citi analyst Keith Horowitz said in a note to clients. First Republic reported roughly $213 billion in assets as of Dec. The central bank also eased conditions at its discount window. Other financial firms were also under pressure, as [Bank of America](/quotes/BAC/) slipped 3%, while [Charles Schwab](/quotes/SCHW/) tumbled 14%. [PacWest Bancorp](https://www.cnbc.com/quotes/) dropped 42%, and [Western Alliance Bancorp](/quotes/WAL/) lost more than 70% as regional bank stocks fell sharply.

First Republic Bank stock plunges 60% as regional bank fears ... (CNN)

First Republic Bank shares plunged by about 60% in premarket trading on Monday even after the regional lender announced steps to shore up its balance sheet.

“In light of recent industry events, the last few days have caused uncertainty in the financial markets,” First Republic senior executives said in an email to clients viewed by CNN. “But it doesn’t change the fact that there’s still problems — you’re just basically buying time to sort the problems out in a better way.” The same protections would be in place for customers of Signature, a New York regional lender that folded when depositors were apparently spooked by SVB’s demise. “It’s a confidence-crisis risk,” he said. First Republic lists $213 billion in assets. First Republic shares fell more than 60% and were briefly halted for volatility.

First Republic Bank shares plunge, prompting trading halt as ... (TechCrunch)

As of the time of writing, equity shares of First Republic are off more than 65%, and trading has been halted as mentioned.

First Republic and other US regional banks tumble on fears of ... (Financial Times)

First Republic's stock fell 75 per cent, while Arizona-headquartered Western Alliance Bank was down 80 per cent. Trading in shares of both banks was halted due ...

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All eyes on First Republic in turbulent US market (GlobalCapital)

A bond syndicate banker in New York said there had been “extremely volatile moves in the bank space — we're seeing things as much as 20bp-40bp wider on the day.

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First Republic Bank stock price nosedives after Silicon Valley Bank ... (CBS News)

The stocks of other regional banks, including Zions, Pacific West and Western Alliance, also took a beating.

Kathy Hochul said Monday in a [tweet](https://twitter.com/GovKathyHochul/status/1635277077133008896). [2008](https://apnews.com/article/08aeb5a6c9d542ccb6d6154d4fa1e3a6) at the height of the financial crisis. In a statement on Sunday, CEO Mike Roffler said the bank "continues to fund loans, process transactions and fully serve the needs of clients." The bank's closure marked the largest failure of a financial institution since Washington Mutual in [regulators in New York shuttered Signature Bank](https://www.cbsnews.com/news/signature-bank-new-york-closed-silicon-valley-bank/). "No bank is immune, but this pressure will likely be most pronounced among banks with a larger mix of rate sensitive customers."