Shares of First Republic Bank were in free fall in early trading on Wednesday, continuing an astonishing decline that poses a fresh challenge for the Biden administration and industry regulators
Selling the bank to a healthier financial institution would be the preferred remedy. But finding a buyer willing to absorb the unrecognized losses on bonds owned by the bank will not be easy.“They’re going to have to intervene — I don’t think they can sell it,” said one banking source who was familiar with the ongoing discussions with senior government officials. “People have been going through the numbers and there’s been unrecognized losses there.
“With the closure of several banks in March, we experienced unprecedented deposit outflows,” said Neal Holland, the bank’s chief financial officer. “We are working to restructure our balance sheet and reduce our expenses and short-term borrowings.”11-bank team in depositing
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