First Republic Bank plans to raise cash by selling shares privately - NYT
Reuters
Published Mar 17, 2023 04:42PM ET
Updated Mar 17, 2023 05:01PM ET
(Reuters) - First Republic Bank (NYSE:FRC) is in talks to raise money from other banks or private equity firms by issuing new shares, the New York Times reported on Friday, citing three people with knowledge of the process.
The bank's shares were down nearly 5% at $21.83 in after-market trading.
Terms of the deal were under discussion and a sale of First Republic was also possible, according to the report.
First Republic declined to comment.
Large U.S. banks injected $30 billion in deposits into First Republic on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.
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Written By: Reuters
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