Home Economy JUST IN – Another Bank Plunges 66.6% In Pre-Market This Morning

JUST IN – Another Bank Plunges 66.6% In Pre-Market This Morning

The collapse of Silicon Valley Bank (SVB) has left many of its customers in distress, with some reportedly lining up outside First Republic Bank to withdraw their money. SVB, a Santa Clara-based bank known for its tech-focused clients, experienced a sudden failure due to unknown reasons.

Amidst the chaos, First Republic Bank has emerged as a popular destination for customers looking to withdraw their money. The bank has reportedly seen long lines outside its branches, as customers attempt to access their accounts and withdraw their savings.

First Republic Bank, a San Francisco-based bank, is known for its high-net-worth clients and personalized banking services. Its reputation for stability and reliability has made it a popular choice for customers seeking a safe haven for their money.

However, this morning really bad news came as it seems that First Republic Bank plunges 66.6% in pre-market:

As my grandfather used to say buckle up kids its going to get a lot worse:

First Republic Bank, a California-based bank, recently experienced a significant drop in its pre-market trading, with its stock price falling by 66.6%. The sudden drop has left many investors and market analysts wondering what could have caused such a massive decline.

At the time of writing, the reason for the decline is not entirely clear, but there are a few factors that could be contributing to this sudden downturn. One possible explanation is that there may have been a significant change in the bank’s financial performance, such as a missed earnings report or a decline in revenue. However, there has been no official announcement from the bank regarding any such changes.

Another potential factor is market volatility. The stock market has been quite volatile in recent months, with concerns over inflation and rising interest rates causing many investors to sell off their stocks. This could have contributed to the sudden drop in First Republic Bank’s stock price, as investors may have been more willing to sell off their holdings in the face of these concerns.

But unconfirmed insider information from the bank seems to allege that they even halted wired transfers for Monday:

Many banks have been selling off to raise cash, just like SVB did right before they went under. FRB is in second place under SVB:


More banking stocks plummet in premarket trade:

– First Republic Bank: -65%
– Western Alliance Bancorp: -64%
– PacWest Bancorp: -42%
– Charles Schwab: -7%

It seems that this is a domino effect and this administration doesn’t have the plan to stop this.