First Republic Bank shares plummet as banking fears spread
CBSN
The stock price of First Republic Bank cratered on Monday despite its attempts to quell investor fears after the sudden collapse of Silicon Valley Bank and Signature Bank.
Shares of First Republic, a regional bank based in San Francisco with $213 billion in assets and 7,200 employees, fell more than 70% in early trade only one day after the company said it has added more cash to its reserves.
In a statement on Sunday, CEO Mike Roffler said the bank "continues to fund loans, process transactions and fully serve the needs of clients." Seeking to reassure investors and depositors, he also said the company's "capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks."
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