First Republic shares hit record low after depositors pull $100bn

First Republic Bank's share price has plummeted amid questions about its financial health and future [File: ary Altaffer/AP]

First Republic Bank’s shares have plunged to a record low after the lender announced that depositors withdrew more than $100bn, prompting fears of further bank collapses after the failures of Silicon Valley Bank and Signature Bank.

First Republic’s stock closed down nearly 50 percent on Tuesday, after the San Francisco-based lender disclosed that it lost 40 percent of its deposits in the first quarter as the banking sector suffered its biggest crisis of confidence since the 2007-2008 financial crash.