Shares of First Republic Bank plunged nearly 60% in premarket trading on Monday, even after the regional lender announced measures to bolster its balance sheet.
Shares of other regional banks and financial firms are also faltering, indicating lingering jitters despite an aggressive federal response announced Sunday night to protect Silicon Valley Bank and Signature Bank clients.
Investors are on high alert for banks with problems similar to those that caused the collapse of Silicon Valley Bank last week.
PacWest Bancorp plunged 35% in premarket trading, while Charles Schwab lost 8%.
San Francisco-based First Republic announced Sunday new funding from the Federal Reserve and JPMorgan Chase to bolster its balance sheet. The moves mean First Republic now has $70 billion of unused liquidity, power it can use to respond to potential customer withdrawals.