Once again, the volatility surrounding the First Republic Bank has surfaced. Earlier today, the Board suspended dividends which sent the stock price tumbling 22%. Furthermore, the aforementioned tumble has taken place after eleven Big Banks gave roughly $30 billion to First Republic in an attempt to stop the bleeding.
First Republic is not the only smaller bank to face extremes today; PacWest Bancorp declined around 12%. Zions Bancorp shares fell more than 4%. Fifth Third was down 3.6%. KeyCorp was down more than 5%.
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