First Republic Bank Shares Crash To Record Low On Share-Sale Report

• First Republic Bank Shares Crash To Record Low On Share-Sale Report
  by Tyler Durden, https://www.zerohedge.com/
  For a few brief hours yesterday, some market participants breathed a sigh of relief as the ‘big banks’ threw $30 billion of deposits to the ‘small banks’ (specifically First Republic Bank) and saved the world.
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  Today wrecked that dream as regional bank shares continued their recent and rapid demise with First Republic Bank – which had just been saved – leading the charge lower (after rallying yesterday afternoon).
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  Now, after the market has closed on a Friday evening (St.Patricks’ Day no less), NY Times reports that the bank – freshly stuffed with $30 billion of the big banks’ cash – is in talks to raise money from other banks or private equity firms by issuing new shares, in a desperate bid to bolster its finances.
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  We wish them luck in their efforts as Wedbush analyst David Chiaverini – who lowered First Republic to neutral today, warned that it’s difficult to “come up with a realistic scenario where there’s residual value for FRC common equity holders” in the event of a sale.
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  According to three people with knowledge of the process, the terms of the deal are unknown but a full sale of the bank is apparently possible. First Republic Bank shares are extending losses in the after-market…
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  read more.

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