Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday.
San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors have grown increasingly worried that the bank may not survive as an independent entity for much longer. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago.
First Republic has been seen as the most likely next bank to collapse due to its high amount of uninsured deposits and exposure to low interest rates.
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