Truist stock weighed down by First Republic Bank failure

CHARLOTTE — The feds’ seizure early Monday morning of First Republic Bank is weighing on stocks for many midsize financial institutions, including Charlotte-based Truist, which still hasn’t recovered from its plunge in early March following the collapse of Silicon Valley Bank.

Shares of Truist closed Monday at $31.52, down 3.2% from $32.58 at the end of last week.

And that’s after the stock took a beating in the wake of the SVB and Signature Bank failures earlier this year, erasing some $20.7 billion from Truist’s market capitalization in a matter of days. Monday’s closing price for Truist shares is down about 35.8% from a year ago.

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