The exterior of a branch of the First Republic Bank 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 sources that matter.
The bank expects interest from larger rivals, sources told Bloomberg, though a decision has not yet been made and the bank could choose to remain independent.
Shares of the bank also fell 21% in New York trading on Wednesday, according to the New York Stock Exchange.
The Chronicle was unable to reach a First Republic Bank spokesperson for comment Wednesday night.
First Republic’s troubles follow the collapse of Silicon Valley Bank on Friday. The Santa Clara-based bank said it had $151.5 billion in U.S. deposits that exceeded the FDIC insurance limit.
Reach Joel Umanzor: joel.umanzor@hearst.com