Anne Czichos
Since its IPO in 2010, First Republic Bank (FRC) was one of the hottest financial stocks in America. Everywhere there was tech money, Bay Area-based First Republic was there as well, with the company even operating a branch
First Republic Is Likely The Next Shoe To Drop
Summary
- The situation at San Francisco-based First Republic appears to be rapidly deteriorating, according to a flurry of reporting over the past few days.
- As of the end of last year, First Republic was America's 14th largest bank.
- Bloomberg recently reported that the FDIC is considering curbing new borrowing by the bank, while CNBC reported that the bank's Hail Mary to the White House apparently had failed.
- First Republic could likely be closed by the FDIC and, as such, may be worth $0.
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