Investors responding to bank failures back away from banks with large amounts of uninsured deposits
Shares of First Republic Bank plunged Monday, and major U.S. regional bank stocks suffered their largest decline in three years, despite efforts by regulators to calm investors following a pair of bank failures.
First Republic closed down nearly 62% after earlier falling as much as 75%, its largest decrease on record. The bank said Sunday that it had shored up its finances with additional funding from the Federal Reserve and JPMorgan Chase. On Monday, President Biden said the banking system is safe, stressing steps taken to limit the fallout from the failures of Silicon Valley Bank, a California lender that catered to venture capitalists, and Signature Bank, a New York firm with ties to cryptocurrencies.
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