FRC - Why Credit Suisse and First Republic Crashed but This Other Regional Bank Soared This Week
2023-03-24 10:05:00 ET
The banking sector saga is closing another chapter, as we close out the third week since the collapse of Silicon Valley Bank .
On Monday, 167-year-old institution Credit Suisse (NYSE: CS) was bought out by UBS Group at a vulture price 56.7% below last week's close, according to data from S&P Global Market Intelligence .
Meanwhile, another high-profile coastal bank that caters to wealthy customers and businesses, First Republic (NYSE: FRC) , may be in serious trouble, with all three ratings agencies downgrading the company's credit rating, despite larger banks infusing the company with deposits last week. First Republic fell 45.6% this week.
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Why Credit Suisse and First Republic Crashed, but This Other Regional Bank Soared This Week