First Republic Bank FRC shares are trading lower by 31.18% to $66.03 Friday morning. The stock is sharply lower as shares of several regional banks and financial institutions sell off on downward momentum after SVB Financial Group Wednesday announced a $1.25 billion common stock offering.
SVB Financial Group was also halted during pre-market trading Friday at around 8:41am ET for code news pending. Amid the trading halt, CNBC’s David Faber is now reporting the company’s proposed capital raise has failed, with CNBC reporting SVB Financial is in talks to sell itself.
So What Happened With SVB Earlier This Week?
The broader banking sector is also experiencing marked weakness after SVB Financial Group announced it is seeking over $2 billion in additional funding.
SVB Financial announced plans to offer $1.25 billion of its common stock and $500 million of depositary shares registered as public offerings.
SVB also announced its completion of the plan to sell its available-for-sale securities portfolio, selling $21 billion of securities…Read More
According to data from Benzinga Pro, FRC has a 52-week high of $174.21 and a 52-week low of $66.03.
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