First Republic Bank FRCshares fell 60% after the weekend collapse of Signature Bank and Friday’s closure of SVB Financial, even as federal regulators stepped into guarantee those deposits and provide a new lending program. First Republic said it has access to more than $70 billion in unused liquidity after new support from the Federal Reserve and JPMorgan Chase. Also on the move: PacWest Bancorp PACW dropped 27% and Western Alliance Bancorp WAL fell 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.