Shares of First Republic dropped sharply as hopes dimmed for a rescue deal that could keep the bank afloat.
The FDIC is asking other banks for potential bids on First Republic if the regulator were to seize the bank, sources told Faber. There is still hope for a solution that doesn't include receivership, according to those sources.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
First Republic told Faber on Friday that"we are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients." CNBC reported Wednesday that First Republic's advisors were preparing to pitch larger banks on a plan that would let the regional lender at an above-market rate and then raise equity. The sales would result in a loss for the banks that buy the bonds but could be cheaper long-term than letting the bank fail and get seized by regulators.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Republic Bank shares plumb new lows on report government reluctant to interveneFirst Republic Bank's market value plunged below $1 billion for the first time ever on Wednesday after a report said the U.S. government was unwilling to intervene in the rescue process, hammering the lender's stock.
Read more »
First Republic shares sink to new low in survival fightShares of First Republic Bank tumbled to a new low on Wednesday following after sliding Monday on the news the bank's deposits fell 40% during the crisis that hit regional lenders.
Read more »
S&P 500 Futures, yields stabilize ahead of US GDP, First Republic Bank, tech shares eyedS&P 500 Futures, yields stabilize ahead of US GDP, First Republic Bank, tech shares eyed – by anilpanchal7 SP500 Futures RiskAversion YieldCurve GDP
Read more »
First Republic shares book slim gains after brutal sell-offFirst Republic Bank's shares rose nearly 5% premarket on Thursday, following a bruising sell-off that wiped out 60% of the stock's value this week.
Read more »
First Republic shares bounce a bit after sharp sell-offFirst Republic Bank's shares rose 10% on Thursday morning, rebounding from a steep sell-off that wiped out nearly 60% of the bank's market capitalization this week.
Read more »
First Republic shares erase gains as rescue-deal optimism wanesShares of First Republic Bank dipped in the early hours of trading on Friday, reversing earlier gains as investors digested news of a potential rescue deal brokered by the U.S. government.
Read more »