Why Credit Suisse and First Republic Crashed, but This Other Regional Bank Soared This Week
The banking sector saga is closing another chapter, as we close out the third week since the collapse of Silicon Valley Bank.
On Monday, 167-year-old institution Credit Suisse (NYSE: CS) was bought out by UBS Group at a vulture price 56.7% below last week's close, according to data from S&P Global Market Intelligence.
Meanwhile, another high-profile coastal bank that caters to wealthy customers and businesses, First Republic (NYSE: FRC), may be in serious trouble, with all three ratings agencies downgrading the company's credit rating, despite larger banks infusing the company with deposits last week. First Republic fell 45.6% this week.
Source Fool.com