First Republic Bank (NYSE:FRC) rose 4% on a report that it's evaluating strategic options, including a potential sale.
The bank, whose shares have plunged 80% in the past week in the wake of the failure of Silicon Valley Bank, is also weighing options to improve its liquidity, according to a Bloomberg report, which cited people familiar. The San Francisco-based lender is likely to garner takeover interest from larger rivals.
The potential sales comes after S&P cut the lenders rating to junk on outflow risk on Wednesday. Fitch Ratings also downgraded First Republic (FRC) and put the bank on negative rating watch.
On Sunday First Republic (FRC) announced it gained access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase bringing its total available, unused liquidity to fund operation to more than $70B.
Leave a Reply