Finance

First Republic Rebounds From Record Low With Aid Plan in Focus

The lender’s shares had fallen about 90% this month to Monday
Big banks discussing plan to further stabilize lender

First Republic Rescue May Rely on US Backing to Facilitate Deal

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By Bre Bradham and Kit Rees

March 21, 2023 at 9:27 AM UTC

Updated on

March 21, 2023 at 8:17 PM UTC

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First Republic Bank surged by a record, leading a broad-based rally in US lenders, amid discussions aimed at offering further support for the beleaguered lender.

The stock jumped 30%, bouncing off the record-low level it closed at Monday, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also staging double-digit moves higher. The KBW Regional Banking Index surged by 4.8% for its biggest gain since January 2021, boosted by a broad rally across the sector.