: First Republic stock drop deepens in after hours


First Republic Bank FRC fell 46% in the extended session Friday after ending 43% lower in the regular session. Reuters reported on Friday afternoon that a takeover by the Federal Deposit Insurance Corp. is imminent. The FDIC and First Republic did not respond to emails requesting comment about the report. At the closing bell, First Republic stock had lost 97% of its value this year. Seven weeks ago he FDIC took over Silicon Valley Bank on a Friday, March 10, and re-opened the bank on the following Monday, March 13.

This article was originally published by Marketwatch.com. Read the original article here.

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