The Californian bank, valued at $20 billion at the beginning of 2023, was worth only $654 million dollars at the close of the markets on Friday

The wind of panic in the banking sector continued to blow through the financial markets this week. Friday's market close on Wall Street appeared to give the First Republic a temporary reprieve, after rumors of a possible bailout have been rampant in recent weeks.

The Wall Street Journal (WSJ) claimed in its weekend edition that the FDIC, the U.S. agency responsible for guaranteeing bank deposits, could take over the bank this weekend. JPMorgan Chase and PNC Financial Services have already expressed their interest, according to the WSJ.

A plummeting stock... Read More: i24