Shares of First Republic Bank plunged by nearly 50% Friday, ratcheting pressure on the troubled bank and adding to its mounting market-confidence woes.
As of noon ET, the stock was trading at $3.72, down 40% from Thursday’s close of $6.19, after having dropped as low a $3 at one point Friday. Before the Silicon Valley Bank collapse in early March, First Republic Bank’s shares were trading at $115, so the current price represents a massive drop. It is also trading significantly lower than its 52-week high of $171.09.
After the failure of tech-friendly Silicon Valley Bank, an open question was whether other banks with related clientele would suffer a similar fate. While SVB was busy imploding, concern rose that …
