FRC Stock Alert: New York Stock Exchange Drops First Republic

Bank of the First Republic (NYSE:FRC) is officially on its way out. When the markets opened this morning, the New York Stock Exchange issued a statement confirms its plans to delist FRC shares. The exchange notes that the regulatory department will delist eight securities related to the bank, which finally collapsed yesterday JPMorgan Chase (NYSE:JPM) confirmed that it would take over. At the time of writing, FRC shares and seven of the company’s depository shares have ceased trading.

Since the run-up SVB Financial (OTCMKTS:SIVBQ) Silicon Valley Bank on March 10 that shook the entire industry, investors have been keeping a close eye on First Republic. If InvestorPlace reported, it had strong parallels to the bank whose collapse triggered the meltdown. Now the company has collapsed, proving that the banking crisis is not over.

FRC shares are traded

Last week, the question arose whether the US government would allow First Republic to collapse. Four days later we have the answer. For investors who still hold FRC shares, the future remains highly uncertain. What we do know, however, is that the troubled bank has ceased operations. According to the NYSE statement:

“NYSE Rules have determined that these securities are no longer eligible for listing pursuant to section 802.01D of the NYSE Listed Company Manual in light of the May 1, 2023 Federal Deposit Insurance Company (FDIC) news announcement that First Republic Bank, San Francisco, California was closed on May 1, 2023 by the California Department of Financial Protection and Innovation, which appointed the FDIC as trustee, and JP Morgan Chase Bank agreed to acquire all of its deposits and substantially all of its assets.

While the future remains uncertain, CBS news This is reported by the shareholders of First Republic will not receive JPM stock. The collapse of First Republic and the delisting of FRC stock is likely to drag bank stocks down today. This news should alert investors that the banking crisis is still raging and similar companies could also go bankrupt.

At the date of publication, Samuel O’Brient had no positions (direct or indirect) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to change InvestorPlace. com Publishing Guidelines.