In what seems like aftermath, San Francisco-based regional lender First Republic Bank's share plunged about 60 percent in pre-market trading on Monday.15 percent on Friday to $81.76 apiece. They slumped 65 percent in pre-market trade on Monday at 4.48 am. ET. The bank's stock is down 33 percent so far this year.
Jim Herbert, Founder and Executive Chairman, and Mike Roffler, CEO and President of First Republic Bank, said, "First Republic's capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks. As we have done since 1985, we operate with an emphasis on safety and stability at all times while maintaining a well-diversified deposit base.
The statement further said that this 'strengthens First Republic's existing liquidity profile. The total available, unused liquidity to fund operations is now more than $70 billion.' The news of fresh financing acquired by the bank clearly failed to assure the investors, reflecting heightened investor anxiety following the collapse of the startup-friendly Silicon Valley Bank.
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First Republic drops 60%, leads decline in bank stocks despite government's backstop of SVBFirst Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening. It’s amazing the amount of people you bring on to cheerlead the government’s bailout. selfserving in fact, it's a privilege to reverse it. Somebody wake Biden up! Tell him he's President
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