Benzinga -
- Magic Empire Global Limited (NASDAQ: MEGL) plunged on Monday as First Republic Bank (NYSE: FRC) also succumbed to the banking meltdown after Silicon Valley Bank and Signature Bank.
- First Republic Bank share prices plunged Monday after the Federal Deposit Insurance Corporation confirmed the sale of FRC's assets and deposits to JP Morgan Chase & Co (NYSE: JPM).
- First Republic shares had fallen from around $115 in early March when troubles at Silicon Valley Bank surfaced. The FDIC's decision comes as the troubled regional lender's financial position deteriorated, leaving no more time for a private sector-led rescue.
- Shares of FRC fell last week after it reported a decline in deposits and revenue for the first quarter and dodged questions on its conference call. FRC lost over 71% stock value last week and 97% YTD. SPDR S&P Bank ETF (NYSE: KBE) is down by 0.19% by $36.56 on the last check Monday.
- Magic Empire Global Limited is a financial services provider in Hong Kong which principally engaged in providing corporate finance advisory services and underwriting services.
- Price Action: MEGL shares traded lower by 26.50% at $2.94 on the last check Monday.