Shares of San Francisco-based regional bank First Republic Bank FRC were nose-diving further in premarket trading, piling up on the losses incurred on Friday.
The stock was plunging 46.72% to $1.87 in premarket trading on Monday, according to Benzinga Pro data.
The steep plunge came after the Federal Deposit Insurance Corporation confirmed the regional bank has been shuttered and its assets and deposits will be sold to JPMorgan Chase & Co. JPM.
The federal agency worked overtime this week to settle things in a manner that the depositors were not subjected to any hardships. All of First Republic's branches would open on Monday at the appointed time as branches of JPMorgan Chase Bank.
The FDIC and JPMorgan also executed a loss-sharing agreement on mortgage and commercial loans.
First Republic shares have fallen from around $115 in early March when troubles at Silicon Valley Bank came to light. First Republic’s folding up marks the third banking collapse after SVB and Signature Bank.
See Also: Best Regional Bank Stocks
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