First Republic Bank of the United States was downgraded for the second time in a week by Standard & Poor's Global.

(Reuters)

[Financial Channel/Comprehensive Report] First Republic Bank of the United States (First Republic Bank) was downgraded for the second time in a week by Standard & Poor's Global Corporation after it warned that a $30 billion rescue agreement would not be reached. One plunged 37% in premarket trading.

Meanwhile, other mid-sized U.S. banks have renewed investor interest as shares of New York Community Bancorp rose 40% after taking over Signature Bank's deposits and some of its loans.

Western Alliance Bancorp was up 12%, PacWest Bancorp was up 28% and the SPDR S&P Regional Banking ETF was up 2.5%.

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"While this is the worst banking crisis since 2008, we believe the sell-off is overdone, creating buying opportunities for our midcaps," Maxim analysts said in a note, with Maxim's assessment including a buy at First Republic Bank.

Standard & Poor's downgraded First Republic Bank's long-term issuer credit rating to B+ from BB+, having downgraded the bank to sub-investment grade or junk on Wednesday.

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