Bay Area // San Francisco
March 15, 2023
The exterior of a First Republic Bank branch is seen on Barclay Street on March 13, 2023 in New York City.
Michael M Santiago/Getty Images
San Francisco-based First Republic Bank is reviewing strategic options, including a sale, after the lender’s credit rating was downgraded by S&P Global Ratings and Fitch Ratings on Wednesday, according to a report by Bloomberg, citing sources close to the matter.
The bank expects to attract interest from larger rivals, sources told Bloomberg, although no decision has been made and the bank could choose to remain independent.
The bank’s shares fell 21% in New York trading on Wednesday, according to the New York Stock Exchange.
The Chronicle could not reach a First Republic Bank spokesman for comment Wednesday night.
First Republic’s troubles follow Friday’s collapse of Silicon Valley Bank. The Santa Clara-based bank said it had $151.5 billion in U.S. deposits that exceeded the FDIC insurance limit.
Reach Joel Umanzor: [email protected]
Joel Umanzor joined The San Francisco Chronicle in 2022 as a Breaking News reporter. A 2021-2023 Hearst Fellow, he was previously a Breaking News reporter in the Metro division of The Houston Chronicle.
Originally from Richmond, California, Umanzor graduated from San Francisco State University in 2021. When he’s not on the newsroom or following a source, he can be found painting, listening to hip-hop, or watching sports.