First Republic Bank (FRC) is the latest bank failure in the U.S. It follows bank weakness that's been exposed in the U.S. and Europe the past few days, as outlined in my posts here and here.
It seems that "top executives at the bank sold millions of dollars of company stock in the last two months (averaging just below $130 a share)...but did not report the sales to the SEC."
FRC made a high of 222.86 in November of 2021, before dropping over the ensuing months, and finally plummeting this month.
Today, it gapped down on the open and hit a low of 17.53 before bouncing a bit, so far, as shown on the following monthly chart.
The following ZeroHedge article provides details involved in its demise.
What more can I say? The banking and financial fallout continues -- not just in the U.S. -- as there are cracks and fragilities in the financial system globally.
But, I do have one question...Why would other financial or government institutions waste money by propping up bad banks, rather than concentrating on shoring up those that still have sound financial and fiscal security principles, as well as fiduciary and moral responsibilities, as their primary goal for their customers and investors? 👀By the way, Silicon Valley Bank, Signature Bank, Silvergate Bank and First Republic Bank are NOT on the G20's list of 29 Banks Deemed Too Big To Fail. So, why are they getting "bailed out?"