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First Republic Bank Dives 60%

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First Republic Bank Dives 60%

B
Benzinga

44 Views • Mar 13, 2023

Description

Shares for First Republic Bank ($FRC@US) fell by more than 60 percent in premarket trading on Monday First Republic ($FRC@US) said Sunday it had received additional liquidity from the Federal Reserve and JPMorgan Chase ($JPM@US). The bank said the move raises its unused liquidity to $70 billion before any funding it could get from the new Bank Term Funding Program. The decline in regional bank stocks on Monday comes after a surge of withdrawals from Silicon Valley Bank forced it to close. SVB had a high percentage of uninsured deposits, and the majority of its customers were not guaranteed to get their money back before the regulatory moves over the weekend.

Keywords & Tags

#stock market #stocks #earnings #market #inflation #business #Federal Reserve #investors #stock price #JPMorgan Chase #market price #market movers #movers #revenue #finance #Silicon Valley Bank #First Republic Bank #First Republic Dives 60 #FRCUS #Bank Term Funding Program #Uninsured Deposits

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