Shares of First Republic Bank plunged to a record low on Friday, losing more than half of their value after a CNBC report said the troubled lender would 'most likely' be seized by federal regulators. Stock in the troubled San Francisco-based bank fell as much as 52 percent to $2.98, giving it a market capitalization of less than $620 million. Trading in the bank's shares was halted more than 20 times due to extreme volatility. First Republic, the hardest-hit regional lender following two major bank failures last month, has reportedly been in scrambling to reach a private-sector rescue deal in 'urgent' government-brokered talks this week.
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