First Republic Bank considers sale after credit downgrade and deposit concerns.
TL;DR Summary
San Francisco-based First Republic Bank is exploring a potential sale after its credit rating was downgraded by S&P Global Ratings and Fitch Ratings. The bank's stock also fell 21% in New York trading. The bank could draw interest from larger rivals, but no decision has been made yet. This news follows the collapse of Silicon Valley Bank, which exceeded the FDIC insurance limit.
- S.F.-based First Republic Bank exploring potential sale, Bloomberg report says San Francisco Chronicle
- First Republic Bank stock tumbles on credit downgrade and deposit worries CNN
- First Republic Bank Weighs Options, Sale After Cut to Junk by S&P, Fitch Bloomberg
- A bank failure, a panic, and a race to close on a home Yahoo Finance
- First Republic Bank weighing options including sale - Bloomberg News Reuters.com
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