Why First Republic Bank Stock Is Popping Off

First Republic Bank FRC shares are trading higher in sympathy with Silicon Valley Bank SIVB after First Citizens BancShares Inc (Delaware) Class A FCNCA announced it will purchase all loans and certain other assets of SVB.

So What Happened?

Our Benzinga team reported Raleigh, North Carolina-based regional bank First Citizens announced early Monday that it has entered into an agreement with the Federal Deposit Insurance Corporation, or FDIC, to purchase out of its receivership, all loans and certain other assets and assume all customer deposits and certain other liabilities of SVB.

The transaction is structured as a whole bank purchase with loss share coverage. The sale was done through a competitive bidding process...Read More

According to data from Benzinga Pro, FRC has a 52-week high of $173.99 and a 52-week low of $11.52.