First Republic Bank news: Shares fall 17% following second credit rating downgrade
Monday's plunge caps off an over 80% decline within the past month after the collapse of Silicon Valley Bank spooked investors and caused panic in the banking sector. Futures for stocks overall were down to start Monday, with Dow Jones Industrial Average futures down roughly 0.17%, S&P 500 futures 0.15%, and Nasdaq-100 futures 0.15% by around 8 a.m.
“The deposit infusion from 11 U.S. banks, the company’s disclosure that borrowings from the Fed range from $20 billion to $109 billion and borrowings from the Federal Home Loan Bank increased by $10 billion, and the suspension of its common stock dividend collectively lead us to the view that the bank was likely under high liquidity stress with substantial deposit outflows over the past week,” the S&P said Sunday.
Federal officials helped bring on the injection after the company's shares evaporated 71% last week. First Republic, the 14th-largest bank in the country, was established in 1985.
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