Trading of the stock in First Republic Bank ($FRC) just got halted for its 7th time since the open today! Two weeks ago, the stock traded at $130. Today it is down to less than $10.
The Trading HALTS are wild; STOCK GOES LIVE AND IS GETTING HALTED WITHIN SECONDS. STOCK IS NOW DOWN 50% TODAY from its Friday Close.
We are on track to make a new record for most number of halts in a day. The regional bank system continues to lack a solution.
It appears to many observers that there's no saving this bank. Investors are spooked and are leaving. Period. Full stop.
Over $20 BILLION in Market Capitalization has been wiped this month.
This is the Canary in the coal mine for the banking industry.
Other banks just gave $30 billion in deposits to the bank last week, to shore-it-up, and the Bank is borrowing a lot more from the Fed to stay solvent.
No business or individual with half a brain is going to keep more than 250k in their business or personal accounts in any non-mega banks for much longer. The risk of loss rises daily.
They will need to backstop all banks deposits soon or this thing is going to blow sky high.
In the time it took to write this story -- FRC stock has been halted TWO MORE TIMES! Nine trading halts today alone.
We are on track to mark a record for most number of halts in a day.
You're witnessing history.
UPDATE 1:25 PM EDT --
TODAY JP MORGAN IS **REPORTED TO BE ** IN DISCUSSIONS WITH OTHER BANKS ABOUT NEW EFFORTS TO HELP $FRC
