First Republic tumbles at opening bell in US after depositors flee

The San Francisco bank said late on Monday it was only able to staunch the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.

First Republic Bank’s stock has plunged at the opening bell in the US after it said depositors withdrew more than 100 billion dollars (about £80.7 billion) during last month’s crisis (Mary Altaffer/AP)

First Republic Bank’s stock has plunged at the opening bell in the US after it said depositors withdrew more than $100 billion during last month’s crisis.

It has sparked fears it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.