{"id":107789,"title":"First Republic’s value declines sharply amid anticipation of FDIC takeover.","publisher":"Share Talk","author":"sharetalk","published":"2023-04-29T12:31:43+00:00","modified":"2023-04-29T12:33:25+00:00","canonical_url":"https://www.share-talk.com/first-republics-value-declines-sharply-amid-anticipation-of-fdic-takeover/","markdown_url":"https://www.share-talk.com/first-republics-value-declines-sharply-amid-anticipation-of-fdic-takeover.md","json_url":"https://www.share-talk.com/first-republics-value-declines-sharply-amid-anticipation-of-fdic-takeover.json","category":"Blogs","categories":["Blogs","Technology","Technology, Media & Telecoms"],"tags":["BANK","Bank of England","banking","California bank","Congress","Dow Jones","Federal Deposit Insurance Corporation","First Horizon","First Republic Bank","HSBC","Josh Gottheimer","KeyCorp","NASDAQ","New Jersey Democrat","Regulators","silicon valley","Silicon Valley Bank","SIVB","SVB","UK","USA","Zions"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Shares of First Republic Bank dropped by up to 54% in extended New York trading due to speculation that regulators would seize the bank, as regional US lenders face challenges from deposit withdrawals and deteriorating investments.\n\nAccording to a late Friday report by Reuters, which cited an unidentified source, regulators were prepared to put the San Francisco-based bank into receivership. The action was imminent after the Federal Deposit Insurance Corp. and other regulators failed to organize a rescue, as stated by Reuters.\n\nhttps://twitter.com/Share_Talk/status/1652288316673257474?s=20\n\nFollowing the regular trading session, where shares closed at $3.51, the stock plunged to as low as $1.62. The shares had already lost over 97% of their value this year as of the market close.\n\nFirst Republic, which focuses on private banking, has experienced pressure as the Federal Reserve raised interest rates, adversely impacting the value of bonds and loans on the bank’s books, while depositors withdrew their funds."}