First Republic Bank shares continue to decline

First Republic, one of the banks mentioned in the banking crisis in the US, lost around 30% of its shares. The decline in First Republic Bank’s shares accelerated after the bank announced its first quarter earnings report on Monday, and deepened with the news that government officials did not want to intervene in the bank’s rescue process. The bank’s shares fell around 50% yesterday, and today they lost nearly 30% of their value, dropping to $5.66. The decrease in First Republic’s share price compared to last year exceeded 90%, while the bank’s market value fell below $1 billion. The New York Stock Exchange occasionally suspended trading in First Republic’s shares due to volatility. According to news reports in the US press, the bank was evaluating various options, including selling its assets. The first quarter earnings report showed that its deposits had decreased by over 40%. First Republic Bank also experienced financial difficulties following the bankruptcies of Silicon Valley Bank (SVB) and Signature Bank in the US last month. In mid-March, 11 major banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, announced that they would transfer a total of $30 billion in deposits to First Republic Bank in order to support it and prevent bank runs by maintaining confidence in the banking sector. First Republic’s first-quarter balance sheet showed that the bank’s deposits were down 40.8 percent as of the end of March compared to the end of the previous year, despite the $30 billion in deposits from major U.S. banks. The bank said in a statement that deposit activity stabilized as of the week of March 27 and remained stable until April 21.