SVB collapse: First Republic Bank stock bounces back to positive after 36% drop

SAfter a slump of 36%, the tocks for First Republic Bank returned to positive trading.

First Republic Bank saw 71% loss of its total value in the past five days due to the financial panic that followed the collapse Silicon Valley Bank. Thursday’s morning saw the trend continue, with the San Francisco-based bank seeing 36% less of its value. Stocks rebounded to positive after a huge recovery.

FIRST REPUBLIC BANK IN TALKS WITH MAJOR BANKS FOR RESCUE: REPORT

At 9:30 a.m. Thursday stocks traded at $20.24. A sudden surge occurred at 12:40. Stocks shot up to $38 by 1:10 p.m. and then stabilized at over $32. This was compared to Wednesday’s close at $31.16.

Reports from the Wall Street Journal JPMorgan Chase and Morgan Stanley were among the big banks that had been in discussions to save the bank.

CLICK HERE TO READ MORE ABOUT THE WASHINGTON EXAMINER

Reports claim that the government orchestrated talks to boost trader confidence.

According to reports, the rescue plan could be announced as soon as Thursday afternoon.