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. After the market closed, the share then fell another 43 percent.
The rescue efforts are apparently running at high pressure. The FDIC deposit insurance fund, the Treasury Department and the Federal Reserve would discuss a rescue, the Reuters news agency reported. After the New York stock market closed, intervention by the FDIC was considered the most likely solution. The bank could not immediately be reached for comment.
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