First Republic’s Potential Aid from Big Banks Lifts Shares from Lows
After CNBC’s David Faber reported that major U.S. banks are discussing a rescue plan for First Republic, which could include approximately $30 billion in deposits, the shares of First Republic rebounded and regional bank stocks climbed higher.
Following the news, First Republic’s shares saw an 8% increase, after having been down over 30% earlier in the day. The SPDR S&P Regional Bank ETF (KRE) saw a 3.8% rise, and Western Alliance and PacWest gained 12% and 1%, respectively, after having declined earlier in the session.
Following the collapse of Silicon Valley Bank last Friday, investors are now struggling to find other regional banks that share similar balance sheet problems, such as a high percentage of uninsured deposits and bonds or loans with lengthy maturity periods, CNBC reports.
"Bank shares rebound off lows as big banks consider coming to the aid of First Republic"
READ MORE: https://www.cnbc.com/2023/03/16/first-republic-falls-25percent-as-regional-bank-stocks-continue-to-sink.html
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