First Republic Bank remains in crisis mode this week, despite coordinated efforts by large banks to stabilize its finances and the federal government’s guarantee of deposits in two failed banks earlier this month.
San Francisco-based First Republic continued to teeter on the edge Monday, with its shares falling more than 47%, briefly hitting an all-time low shortly before the market closed, and trading halted numerous times throughout the day. First Republic’s stock has tumbled 90% over the past month, with almost all of the losses occurring since March 8, the day Silicon Valley Bank announced stock sale plans and sparked what would turn into a $42 billion bank run and a subsequent seizure by federal regulators.
