First Republic Stock Is Blasting Higher Today and Other Regional Banks Are Following Suit
Shares of several regional banks rose today as financial institutions struggling in the wake of the Silicon Valley Bank meltdown continued to try and work through their issues. Regulators also made more supportive comments this morning.
First Republic's (NYSE: FRC) stock soared close to 37% as of 10:40 a.m. ET. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 16% higher and Western Alliance (NYSE: WAL) was up 13.5%.
It's been an incredibly bumpy ride for First Republic, which is fighting to survive after three banks collapsed in a matter of days earlier this month. The bank is seen to be riskier due to its large amount of uninsured deposits and billions of unrealized losses sitting in its bond portfolio.
Source Fool.com
