What's Going On With Magic Empire Global Shares Today?

Magic Empire Global Limited MEGL plunged on Monday as First Republic Bank FRC also succumbed to the banking meltdown after Silicon Valley Bank and Signature Bank.
First Republic Bank share prices plunged Monday after the Federal Deposit Insurance Corporation confirmed the sale of FRC's assets and deposits to JP Morgan Chase & Co JPM.
First Republic shares had fallen from around $115 in early March when troubles at Silicon Valley Bank surfaced. The FDIC's decision comes as the troubled regional lender's financial position deteriorated, leaving no more time for a private sector-led rescue.
Shares of FRC fell last week after it reported a decline in deposits and revenue for the first quarter and dodged questions on its conference call. FRC lost over 71% stock value last week and 97% YTD. SPDR S&P Bank ETF KBE is down by 0.19% by $36.56 on the last check Monday.
Magic Empire Global Limited is a financial services provider in Hong Kong which principally engaged in providing corporate finance advisory services and underwriting services.
Price Action: MEGL shares traded lower by 26.50% at $2.94 on the last check Monday.