First Republic and Western Alliance shares paused for trading as regional bank jitters persist despite Fed backstops
First Republic’s stock loses more than half its value in premarket trading.
Trading in shares of First Republic Bank and Western Alliance Bancorp. was paused after steep initial losses on Monday as bank solvency fears persisted Monday following the failure of SVB Financial and Silvergate last week.
First Republic Bank’s FRC, -74.32% stock initially dropped 65% in morning trades after big losses late last week.
Western Alliance Bancorp’s WAL, -84.09% stock also fell sharply, dropping 75%. The selloff of the Arizona-based bank’s stock was set to surpass its record one-day drop of 39.4% suffered on Sept. 19, 2008, in the midst of the financial crisis.
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