First Republic Bank had its trading temporarily halted on Wednesday shortly after the stock exchange market opened as its share prices hit a new 52-week low. The trading was halted at 9:41 am ET, resumed several minutes later, and then halted again at 9:54 am ET.
Earlier in the day, CNBC reported the United States government is not interested in intervening to help the bank from collapsing. Meanwhile, Politico said that no entity wants to buy First Republic Bank without "substantial federal guarantees," adding the company's management is aware of its limited rescue options. Previously, it was reported the bank is failing to find a way to stop its breakdown and discussed the issue with the White House, the Federal Reserve, and the Treasury.
First Republic Bank's shares went down by 21.73% to go for $6.34 per share at the moment of the second halt.
