: First Republic stock up 24%, leading regional lenders after First Citizens deal for Silicon Valley Bank
Shares of First Republic Bank FRC surged 24% in premarket trading on Monday and led a swathe of regional lenders higher, following news of that failed Silicon Valley Bank finally has a buyer. The Federal Deposit Insurance Corp. announced earlier on Monday that First Citizens BancShares Inc. FCNCA has entered a deal to assume all loans and deposits of Silicon Valley Bridge Bank, which was created by the FDIC following the closure of Silicon Valley Bank. The FDIC has been trying to auction off the bank for about two weeks, since it became the largest U.S. bank to go bust since Washington Mutual in 2008. Also rising in premarket, shares of PacWest Bancorp PACW climbed 8%, Zions Bancorp ZION rose 3% and M&% Bank Corp. stock MTB was up 3%. First Republic stock has lost 90% of its value in less than two weeks, hitting an all-time low of $12.18 a share last Monday.
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