new York The First Republic Bank is struggling to survive. Shares in the regional bank from San Francisco fell again by around 50 percent on Friday and were suspended from trading on Wall Street several times due to the high volatility. The paper was still worth $3.20 in New York in the early afternoon and has lost a good 97 percent of its value since the beginning of the year.
The rescue efforts are apparently running at high pressure. According to a report by the CNBC TV channel, the US government is working to prevent the bank from collapsing. It is very likely that the bankruptcy administration by the state deposit insurance fund FDIC will result, it said.
Banking supervision is on
The bank could not immediately be reached for comment. The bank has been looking for a buyer for weeks, but so far without success. The titles have been in a nosedive since the money house published its quarterly report at the beginning of the week and revealed a massive outflow of deposits.