Regulators searched for a solution to First Republic Bank’s woes over the weekend, hoping to find a way forward before U.S. stock markets opened Monday.
San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors grew increasingly worried the bank may not survive as an independent entity. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago. It fell further in afterhours trading.
