Fate of First Republic Uncertain as Shares Plummet Again
A $30 billion cash infusion and a frantic effort to sell a stake in the bank to raise additional funds has done little to calm investors.
By Rob Copeland and Maureen Farrell, NY Times
First Republic Bank remained imperiled on Monday as last week’s $30 billion cash infusion by some of the nation’s biggest banks and a frantic effort to sell a stake in the bank to raise additional cash did little to calm investors and depositors.
Instead, the regional lender was teetering. Trading in its shares on the New York Stock Exchange was automatically halted several times on Monday to prevent a free fall, and the stock dropped 47 percent by the close of trading.
