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Fox Business
Fox Business
28 Apr 2023


Shares of First Republic Bank remain in a death spiral amid reports of uncertainty about whether the lender could see a rescue deal.

First Republic stock dropped more than 50% in midday trading. The bank’s share value has already plummeted roughly 96% year to date and just more than 70% the last month amid federal discussions with banks and even private equity groups over a rescue solution for the distressed lender.

TickerSecurityLastChangeChange % FRCFIRST REPUBLIC BANK (SAN FRANCISCO CALIFORNIA)6.19+0.50+8.79%

Reuters reported Friday, citing people familiar with the situation, that officials from the Federal Deposit Insurance Corporation (FDIC), the Treasury Department and Federal Reserve are coordinating talks to rescue First Republic. Private-sector efforts have yet to yield a deal.

The Federal released its assessment Friday morning of what led to Silicon Valley Bank’s collapse, saying the lender's failure was due to a "textbook case of mismanagement" and calling for greater supervision by regulators.

person walks past a First Republic Bank in Manhattan

A person walks past a First Republic bank branch in Manhattan on April 24, 2023, in New York City. (Photo by Spencer Platt/Getty Images / Getty Images)

Meanwhile, the FDIC will release a separate report detailing the findings of an internal review of its supervision of the former Signature Bank.

FOX Business' Breck Dumas contributed to this report