(Bloomberg) — First Republic Bank shares were halted repeatedly after dropping as much as 50% following a report from CNBC that the most likely outcome of rescue talks is for the Federal Deposit Insurance Corp. to take the lender into receivership.
Most Read from Bloomberg
Shares sank to a fresh all-time low of $3.09 as of 11:44 a.m. in New York, after rising as much as 6.6% earlier on reports of meetings to devise a plan for the bank.
Read: First Republic’s $21 Billion Rout Puts S&P Status in Question
First Republic’s plunge has wiped out more than $21 billion in market value this year, making it the smallest S&P 500 Index member by value.
(Updates with latest trading.)
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.
