3/27, 10:27 AM (Source: TeleTrader)
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First Republic surges premarket amid renewed optimism in sector

First Republic shares traded higher in Monday's premarket session, rising more than 15%, as the banking sector appears to be in an upbeat mood following the news about Silicon Valley Bank released earlier in the day.

Previously, the Federal Deposit Insurance Corporation (FDIC) stated that First Citizens Bank & Trust Co had agreed to buy Silicon Valley Bank. The deal includes the purchase of nearly $72 billion of SVB's assets at a discount of $16.5 billion. The news also comes days after another report revealed that JPMorgan's CEO is leading efforts to stabilize the bank.

First Republic shares soared 15.70% at 4:26 am ET to sell at $14.41.

Baha Breaking News (BBN) / JG