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 ImagesSan Francisco-based First Republic Bank is exploring strategic options, including a sale after the lender’s credit rating was downgraded Wednesday by S&P Global Ratings and Fitch Ratings, according to a Bloomberg report citing people familiar with the matter .
The bank expects to attract interest from larger competitors, sources told Bloomberg, although no decision has been made and the bank may choose to remain independent.
Shares of the bank also fell 21% on Wednesday in New York, according to the New York Stock Exchange.
The Chronicle could not reach a spokesperson for First Republic Bank Wednesday evening for comment.
The First Republic unrest follows 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’s insurance limit.
Contact Joel Umanzor: joel.umanzor@hearst.com