Exterior view of a First Republic Bank branch on March 13, 2023 in West Palm Beach City, Florida.in the weeks leading up to the recent banking turmoil.
Massachusetts' Secretary of the Commonwealth William Galvin told Reuters his office has subpoenaed First Republic. He is seeking details about the firm's insider trading policies and how officers handled their stock sales from January 1.
A series of U.S. bank failures have roiled the global banking sector over the last month. Silvergate Capital wound down operations on March 8. Silicon Valley Bank and Signature Bank were seized by regulators days later amid liquidity crises, actions that sapped investor confidence in the sector. First Republic's share price has plummeted nearly 90% in March in the wake of the collapse of SVB which saw people pull deposits from smaller banks. First Republic
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