First Republic Bank Considers Sale and Receives Support from Big Banks and Financial Institutions.

1 min read
Source: The New York Times
First Republic Bank Considers Sale and Receives Support from Big Banks and Financial Institutions.
Photo: The New York Times
TL;DR Summary

First Republic Bank, one of the nation's larger institutions, is exploring options to shore up its finances and calm jittery investors, including a possible sale to a larger rival or a financial rescue that could include a quick injection of new cash. The bank's shares have plunged 60% since last Thursday, and its credit rating has been downgraded to junk levels. Deposit withdrawals have also increased, with roughly two-thirds of First Republic's deposits above the federally insured limit of $250,000.

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