First Republic Bank(FRCB) Tumbled Over 90% in Morning Trading

Tiger Newspress2023-05-03

First Republic Bank tumbled over 90% in morning trading.

S&P Global on Tuesday slashed First Republic Bank's credit rating deeper into junk territory after California banking regulators seized the U.S. lender and sold its assets.

S&P cut its rating to 'CC' from 'B+' and said it expects default to be a "virtual certainty".

Yesterday, the New York Stock Exchange LLC (“NYSE” or “Exchange”) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the eight securities of First Republic Bank from the NYSE. Trading in the Company’s Securities will be suspended immediately.

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