Lender to wealthy Silicon Valley customers First Republic sees its stock take a dive as regional banks remain in focus after the demise of SVB and Silvergate.
First Republic Bank stock losses grew steeper in premarket trades as fears persisted of another run on the bank after the failure of SVB Financial and Silvergate last week.The stock reaction for First Republic came after First Republic Bank said... First Republic Bank stock losses grew steeper in premarket trades as fears persisted of another run on the bank after the failure of SVB Financial and Silvergate last week.
The drop came amid quick developments by banking regulators seeking to secure deposits from the demise of SVB Financial SIVB and Silvergate Capital Corp. SI on Friday. Separately, MarketWatch columnist Phil Van Doorn included First Republic on a list of 10 banks showing contracting margins over the past year, or the smallest expansions of margins.
“We believe FRC is no SIVB,” Najarian said. A recent meeting that UBS had with First Republic CEO Mike Roffler suggests that venture capital and private equity deposits were just 8% of bank’s total.
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