First Republic Bank is down 90% and trading was halted 9 times yesterday. Yet, the bank continues to operate as the US Gov looks for ways to revive it. Meanwhile Signature Bank was seized and shut down over a weekend without any attempt to revive it, simp

The bias of the US government cannot be more obvious.

FRC First republic bank is experiencing a massive run and its share price is down 90%, its charts looks like it will give Luna a run for its money

FRC charts

Yet the bank continues to operate and multiple attempts are being made to revive it. Last week, it appeared that JPM, GS and other big banks had injected $40bn in deposits to shore up FRC. This week, that amount is proving to be not enough, and there are further discussions on how to revive it and a buyout by a bigger bank is not out of the question. There are also talks of the bank raising fresh capital.

Even today, FRC continues to operate even though it resembles a patient in ICU.

Compare this with SBNY - Signature Bank which was shut down over a weekend, despite its last closing day share trading at $70. There was absolutely no attempt to revive it. SNBY Director has claimed the bank was able to meet withdrawals, but despite that it was shut down because it was pro-crypto. Even if it was facing a run, FDIC did not initiate any talks of with big banks infusing capital to shore it up. No chance was given to the bank to improve its liquidity or raise external capital. It was just shut down overnight without any explanation.

Moreover, they have also found a new buyer for SBNY (Flagstar Bank) who will continue the bank's operation without any crypto activities.

The FDIC's statement spells that out clearly: https://www.fdic.gov/news/press-releases/2023/pr23021.html

Flagstar Bank's bid did not include approximately $4 billion of deposits related to the former Signature Bank's digital-assets banking business. The FDIC will provide these deposits directly to customers whose accounts are associated with the digital-asset banking businesses

Simply put, they shut down SBNY, stripped and closed down its crypto business (digital-asset banking), and now have sold it onwards to another bank.

SBNY shut down was a classic "unbank" operation that was carried out in violation of existing business laws, with zero transparency in autocratic fashion in an attempt to shut down the cypto industry. They wont win. In their folly to unbank crypto, they have only managed to cause bank runs on 5 different banks, already leading to the collapse of 4