First Republic Bank shares plunge amid fear of systemic contagion after SVB's failure

STORY: First Republic Bank shares plunge amid fear of systemic contagion after SVB's failure DATELINE: March 14, 2023 LENGTH: 00:02:06 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of a First Republic Bank branch in Manhattan, New York 2. various of the exterior of New York Stock Exchange STORYLINE: Shares of First Republic Bank fell more than 65 percent in early trading on Monday morning, causing trades of the company to be halted due to volatility. The volatility came just days after a stock market selloff that triggered the failure of Silicon Valley Bank (SVB), as the concern of systemic contagion spread among the tech industry broadly. That implies investor discomfort with the financial institution despite government activity over the weekend to solve the SVB crisis and potential cascading effects, according to a report by the online newspaper TechCrunch. Since the failure of SVB, it appears that many public-market investors want out of smaller banks, despite the Federal Deposit In

Slush 2022 Startup Event

Slush 2022 Startup Event

Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (right) talking with Editor-at-large of TechCrunch, Mike Butcher, at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)

Slush 2022 Startup Event

Slush 2022 Startup Event

Editor-at-large of TechCrunch, Mike Butcher (left), Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (middle) and former Arsenal footballer, co-founder and CEO of GFBiochemicals Mathieu Flamini at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)

Slush 2022 Startup Event

Slush 2022 Startup Event

Editor-at-large of TechCrunch, Mike Butcher (left), Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (middle) and former Arsenal footballer, co-founder and CEO of GFBiochemicals Mathieu Flamini at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)

Slush 2022 Startup Event

Slush 2022 Startup Event

Editor-at-large of TechCrunch, Mike Butcher (left), Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (middle) and former arsenal footballer, Co-founder and CEO of GFBiochemicals at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)

Slush 2022 Startup Event

Slush 2022 Startup Event

Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (right) talking with Editor-at-large of TechCrunch, Mike Butcher, at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)

Slush 2022 Startup Event

Slush 2022 Startup Event

Editor-at-large of TechCrunch, Mike Butcher (left), Olympic gold medallist, Dame Jessica Ennis-Hill, founder and Co-CEO of Jennis (middle) and former arsenal footballer, Co-founder and CEO of GFBiochemicals at the Slush 2022 Startup Event in Helsinki, Finland on November 18, 2022. LEHTIKUVA / EMMI KORHONEN - FINLAND OUT. NO THIRD PARTY SALES. (Credit:Emmi Korhonen/Lehtikuva/Kyodo News Images)