FRC - Why Shares of First Republic Bank Collapsed This Week
2023-03-17 10:52:40 ET
Shares of First Republic Bank (NYSE: FRC) have slumped by as much as 67% this week, according to data from S&P Global Market Intelligence . The California-based regional bank is trying to shore up its liquidity by taking out loans from the Federal Reserve and larger banks like JPMorgan Chase after the collapse of Silicon Valley Bank triggered depositors to withdraw their funds.
As of 9:47 a.m. ET on Friday, shares of First Republic Bank are down 66.8% this week and almost 80% year to date.
After the collapse of Silicon Valley Bank, investors have become rightfully skittish about First Republic Bank's prospects, as the regional bank has some of the same characteristics that brought down the tech-focused bank last week.
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Why Shares of First Republic Bank Collapsed This Week