Shares of the beleaguered bank, First Republic Bank (NYSE: FRC) rose in pre-market trading on Friday after Reuters reported that the U.S. Government is “coordinating urgent talks” to save the bank after “private-sector efforts led by the bank’s advisers have yet to reach a deal.”
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This echoed similar comments made by White House Press Secretary Karine Jean-Pierre. She stated in her latest press briefing, “We’re going to monitor the situation and know the tools that we have in front of us to use. We have taken decisive and forceful actions in the past and I could assure you that you’ll see that again from this administration.”
This news comes as the bank is struggling to survive battling a staggering $72 billion deposit loss in just three months and has dropped in value by more than 90% in the past three months.
Analysts are sidelined about FRC stock with a Hold consensus rating based on two Buys, 12 Holds, and two Sells.
