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First Republic Bank shares fall 50%, trading halted as FDIC receivership likely

Shares of First Republic Bank plummeted to a record low on Friday, losing nearly half of their value after a CNBC report said the troubled lender was most likely headed for receivership under the U.S. Federal Deposit Insurance Corporation (FDIC). The shares of the bank fell to an all-time low of $3.09 as if 11.44am in New York. This happened after shares rose as much as 6.6% earlier, banking on reports of meetings to devise a plan for the bank. First Republic Bank is most likely headed for (FDIC) receivership. First Republic’s plunge has wiped out more than $21 billion in market value this year.

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