First Republic shares face new pressure in premarket trade
First Republic Bank stock FRC, -21.37% tumbled another 15% in premarket trade Thursday, amid reports it’s exploring its strategic options, including a potential sale of the company.
Bloomberg reported late Wednesday that the San Francisco-based bank, which has been caught up in the jitters sparked by the failure of Silicon Valley Bank last week and two other lenders, was downgraded into junk territory by S&P Global Ratings and Fitch Ratings on Wednesday, citing concerns about deposit flight to bigger banks perceived to be safer. A spokesperson for First Republic declined comment to MarketWatch.
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