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UPDATE: Banking Kerfuffle: First Republic Shares Dropped Sharply Friday Rattling the Market

first republic shares jump after strong earnings report 2686465540

the staff of the Ridgewood blog

Ridgewood NJ, shares of First Republic dropped sharply Friday as hopes dimmed for a rescue deal that could keep the bank afloat. First Republic Bank shares fell a whopping 43% in regular trading. Then, as a news report foretold a potential future in receivership for the ailing California lender, its shares collapsed again. US officials have been coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve said to be orchestrating meetings about throwing it a lifeline. But some of the biggest US banks, which have already contributed $30 billion in deposits to prop up First Republic, have balked at the prospect of throwing good money after bad.

Continue reading UPDATE: Banking Kerfuffle: First Republic Shares Dropped Sharply Friday Rattling the Market

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11 Banks Ride to the Rescue of First Republic with $30 billion in Deposits

first republic shares jump after strong earnings report 2686465540

the staff of the Ridgewood blog

Washington DC, the following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu:

Continue reading 11 Banks Ride to the Rescue of First Republic with $30 billion in Deposits