15 March 2023
The exterior of a First Republic Bank branch is seen on Barclay Street on March 13, 2023 in New York City.
Michael M. Santiago/Getty ImagesSan Francisco-based First Republic Bank is exploring strategic options, including a sale, after the lender’s credit rating was downgraded Wednesday by S&P Global Ratings and Fitch Ratings, according to a Bloomberg report citing sources close to the matter.
The bank expects to draw interest from larger rivals, sources told Bloomberg, although no decision has been made and the bank could choose to remain independent.
Shares in the bank also fell 21% Wednesday in New York trading, according to the New York Stock Exchange.
The Chronicle was unable to reach a First Republic Bank spokesman Wednesday night for comment.
First Republic’s problems follow the collapse of Silicon Valley Bank on Friday. The Santa Clara-based bank said it had $151.5 billion in U.S. deposits that exceeded the FDIC insurance limit.
Reach Joel Umanzor: joel.umanzor@hearst.com
The Chronicle was unable to reach a First Republic Bank spokesman Wednesday night for comment.
First Republic’s problems follow the collapse of Silicon Valley Bank on Friday. The Santa Clara-based bank said it had $151.5 billion in U.S. deposits that exceeded the FDIC insurance limit.
Reach Joel Umanzor: joel.umanzor@hearst.com