What’s going on with First Republic Bank?
Bank of the First Republic stocks were hit hard last week following the bankruptcies of two major US regional banks,
Silicon Valley Bank and Signature Bank. Shares of the bank and many other financial firms rallied on Thursday after the Wall Street Journal reported that America’s biggest banks were discussing a joint bailout of the San Francisco lender. Under this plan, 11 banks including JPMorgan Chase & Co. would place $30 billion in deposits with First Republic, using their own funds.
First Republic was one of the banks to be swept away by the contagion that followed the March 10 bankruptcy of SVB Financial Corp., the parent company of Silicon Valley Bank, due to similarities including size, customer base largely rich and largely uninsured. nature of their deposit bases.
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