Lender to wealthy Silicon Valley customers First Republic Bank's stock dove this morning as regional banks remained in focus after demise of SVB and Silvergate.
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Trading in shares of First Republic Bank and Western Alliance Bancorp resumed after being paused earlier Monday as fears over bank solvency persisted following the failures of Silicon Valley Bank and Silvergate last week.
While midday losses were less severe than earlier in the day, many bank stocks suffered percentage declines well into the double digits. Typically, bank stocks are stable compared with sectors such as technology, with daily moves above 5% as relatively rare.
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