FRC - First Republic Bank gains on report it's evaluating options including a sale

2023-03-15 20:45:28 ET

• First Republic Bank ( NYSE: FRC ) rose 4% on a report that it's evaluating strategic options, including a potential sale.
• The bank, whose shares have plunged 80% in the past week in the wake of the failure of Silicon Valley Bank, is also weighing options to improve its liquidity, according to a Bloomberg report, which cited people familiar. The San Francisco-based lender is likely to garner takeover interest from larger rivals.
• The potential sales comes after S&P cut the lenders rating to junk on outflow risk on Wednesday. Fitch Ratings also downgraded First Republic ( FRC ) and put the bank on negative rating watch.
• On Sunday First Republic ( FRC ) announced it gained access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase bringing its total available, unused liquidity to fund operation to more than $70B.

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