{"id":1901244,"date":"2023-03-20T10:13:04","date_gmt":"2023-03-20T14:13:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/first-republic-bank-shares-fall-17-following-second-credit-rating-downgrade\/"},"modified":"2023-03-20T10:14:16","modified_gmt":"2023-03-20T14:14:16","slug":"first-republic-bank-shares-fall-17-following-second-credit-rating-downgrade","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/first-republic-bank-shares-fall-17-following-second-credit-rating-downgrade\/","title":{"rendered":"First Republic Bank: Shares fall 17% following second credit rating downgrade"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffirst-republic-bank-shares-fall-17-following-second-credit-rating-downgrade%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1901244&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79004943\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">\n<meta itemprop=\"name\" content=\"$30 billion rescue of First Republic Bank announced by major banks\"><br \/>\n<meta itemprop=\"description\" content=\"A group of banks announced a $30 billion rescue of First Republic Bank on Thursday afternoon as part of efforts to stabilize the market. The rescue includes uninsured deposits ranging from $1 billion to $5 billion from 11 different banks, the institutions confirmed in a joint statement.\"><br \/>\n<meta itemprop=\"duration\" content=\"PT1M43S\"><br \/>\n<meta itemprop=\"uploadDate\" content=\"2023-03-16 22:14:54\"><br \/>\n<meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1264063_th_1679004937.jpg\"><br \/>\n<meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1264063.mp4\">\n<\/div>\n<p><script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79004943\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264063\"} }); <\/script><br \/>\n<script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>\n<\/div>\n<\/div>\n<p>The shares of <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/first-republic-banks-billion-rescue-government\" target=\"_blank\" rel=\"noopener\">First Republic Bank<\/a> plummeted over 17% in premarket trading on Monday following news that the embattled bank received its second credit downgrade from S&#038;P Global within a week.<\/p>\n<p>This comes after a shocking 80% decline in First Republic Bank&#8217;s shares in the last month. Investors&#8217; fears were triggered by the collapse of <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/silicon-valley-bank\" target=\"_blank\" rel=\"noopener\">Silicon Valley Bank<\/a>, causing worry in the banking sector. Futures for <a class=\"Link\" href=\"https:\/\/www.cnbc.com\/2023\/03\/19\/stock-market-today-live-updates.html?utm_content=Main&#038;utm_medium=Social&#038;utm_source=Twitter#Echobox=1679312022\" target=\"_blank\" rel=\"noopener\">stock were down<\/a> to start Monday with the Dow Jones Industrial Average futures dropping by roughly 0.17%, S&#038;P 500 futures 0.15%, and Nasdaq-100 futures 0.15% around 8 a.m.<\/p>\n<p>Although last week saw eleven banks provide First Republic Bank with an infusion of $30 billion, S&#038;P Global downgraded the bank&#8217;s credit rating to B+ from BB+ on Sunday. This downgrade comes after the ratings firm had already reduced\u00a0First Republic Bank&#8217;s rating from A- last week. According to the S&#038;P, last week&#8217;s developments &#8212; which included deposit outflows, increased borrowing from FHLB, and the suspension of its common stock dividend&#8211;suggest that the bank was likely under high financial stress.<\/p>\n<p>Last week&#8217;s infusion was announced after First Republic Bank&#8217;s shares suffered a 71% loss, with this 14th largest bank in the country initially established in 1985. Over two-thirds of the bank&#8217;s deposits were uninsured; while the FDIC reassured SVB depositors that they would have access to their money after going over the $250k insured value, first Republic Bank&#8217;s deposits didn&#8217;t have any such guarantees.<\/p>\n<p><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\">Read more from The Washington Examiner<\/a>.<\/p>\n<p>Meanwhile, UBS Financial Services plans to buy the beleaguered Swiss bank Credit Suisse, adding to the current market frenzy. Despite this, Treasury Secretary Janet Yellen has stated that the financial system &#8220;remains sound and that Americans can feel confident that their deposits will be there when they need them.&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shares of First Republic Bank tanked by over 17% in premarket trading Monday morning amid news that S&amp;P Global issued its second credit downgrade for the embattled bank within a week. Monday&#8217;s plunge caps off an over 80% decline within the past month after the collapse of Silicon Valley Bank spooked investors and caused panic<\/p>\n","protected":false},"author":1,"featured_media":1901245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[10037,5373,6178,21357,8859,8809,9116,4790],"class_list":["post-1901244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-10037","tag-bank","tag-credit","tag-downgrade","tag-fall","tag-rating","tag-republic","tag-shares"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1901244"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1901245"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1901244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1901244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1901244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}