First Republic Bank shares slump 60% in premarket trade

First Republic Bank FRC, -14.84% shares fell 60% after the weekend collapse of Signature Bank and Friday’s closure of SVB Financial, even as federal regulators stepped into guarantee those deposits and provide a new lending program. First Republic said it has access to more than $70 billion in unused liquidity after new support from the Federal Reserve and JPMorgan Chase. Also on the move: PacWest Bancorp PACW, -37.91% dropped 27% and Western Alliance Bancorp WAL, -20.88% fell 15%.

Source: finance.yahoo.com

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