Shares of the US regional bank fall to a record low of 49% after the collapse of Silicon Valley Bank

Shares of First Republic Bank, a San Francisco-based regional US bank, have plunged nearly 50%, hitting a record low. The April 25 crash extended the bank’s losses beyond 90% year to date.

The decline comes after the first-quarter earnings report showing its deposits fell by more than 40% during the quarter as customers withdrew their money after the collapse of Silicon Valley Bank.

First Republic’s actual net outflows would have exceeded $100 billion as its holdings were bolstered by a $30 billion infusion of funds from 11 large US banks.

This has intensified concerns about the long-term prospects of the bank and the financial sector following the closure of Silicon Valley Bank. Meanwhile, Wall Street had its worst day in a month.