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IPFS News Link • Central Banks/Banking

One Of The Largest Banks In The United States Is On The Verge Of Going Under

•, by Michael

But what will happen if an even larger bank goes under?  As of March 31st, First Republic had approximately 290 billion dollars in assets, and that makes it much larger than Silicon Valley Bank was when it finally imploded.  A 30 billion dollar rescue plan that was hastily put together last month was supposed to stabilize First Republic, but that hasn't worked.  On Tuesday, First Republic shares fell by about 50 percent after the public learned that "customers withdrew more than $100 billion during last month's crisis"…

First Republic Bank's shares plunged 50 percent after a 'troubling' earnings call where company executives refused to answer questions.

The stock dropped Tuesday after it emerged that customers withdrew more than $100 billion during last month's crisis, with fears swirling that it could be the third bank to fail in quick succession after the collapse of Silicon Valley Bank and Signature Bank.

Unfortunately for First Republic, the carnage continued on Wednesday.

Shares of First Republic were down another 29.75 percent, and so far this year the stock price has fallen by a total of more than 95 percent.

Let me try to put this into perspective.

On February 2nd, First Republic stock closed at $147.00.

Today, it closed at $5.69.

That is what a collapse looks like.