Shares of First Republic\n \n plunged from $122.50 on March 1 to around $3 a share as of Friday on expectations that the Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers, would step in by end of day and take control of the San Francisco-based bank, its deposits and assets.
But while the cash allowed First Republic to make it through the last six weeks, its quarterly financial report Monday evening, with the disclosure of massive withdrawals by the end of March, spurred new concerns about its long-term viability. Nervous major depositors The financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter.
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