First Republic Bank (NYSE:FRC) stock is on the rise Monday as investors react to a couple of positive pieces of news.
The first reason shareholders of FRC are in high spirits today has to do with the Federal Reserve. There has been talk that regulators could introduce an expansion for the emergency lending program.
If this happens, it would open up troubled banks to take out more loans from the government to fend off the banking crisis. That could be a boon to First Republic Bank, which is among the banks that have been hit hard by the current banking problems.
Investors in FRC stock will also note that First Republic Bank has already boosted its liquidity with loans from the government and other banks. So far, the troubled bank has pulled in an additional $70 billion in funding.
SIVB Deal Has Bank Stocks Rising
Secondly, FRC stock is gaining alongside other bank stocks today. This follows news that First Citizens BancShares’ (NASDAQ:FCNCA) First Citizens Bank has agreed to acquire assets from Silicon Valley Bank. Silicon Valley Bank is the bank that originally kicked off the current crisis.
First Citizens’ assets following the deal will roughly double. The saving of the SVB assets by another bank is helping ease concerns that investors in bank stocks have dealt with lately.
FRC stock is included, with today’s two pieces of news sending shares 29% higher as of this writing!
There’s more stock market news traders will want to read about below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.