Trading in First Republic Bank shares was paused on Friday after the stock plummeted by 50 per cent, with the regional lender's stocks crashing further after markets closed.
The collapse came as reports indicated the bank was probably headed for receivership under the US Federal Deposit Insurance Corporation.
Its shares were halted at $3.09 on Friday morning after they fell 50 per cent.
The price recovered slightly to $3.51 when trading reopened, only to crash again after the market closed, with shares tumbling another 49 per cent to $1.77.
That price, if it holds until the opening on Monday, would put shares down by more than 98 per cent this year.
Earlier on Friday, Reuters reported that the FDIC, the Treasury Department and the Federal Reserve were among the government bodies that have started to orchestrate meetings with financial companies about a lifeline for the bank.
The government's involvement is helping bring more parties, including banks and private equity firms, to the negotiating table, a source told Reuters.
Still, concerns remain that deposit declines at First Republic could worsen and spark a fresh meltdown in the US banking industry even as it recovers from the collapse of two regional lenders last month.
First Republic said earlier this week that its deposits had slumped by more than $100 billion in the first quarter.
“The potential worst-case scenario stemming from the collapse of Silicon Valley Bank appears to have been averted,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note.
“But the problems at First Republic are a reminder that further problems remain possible.”
The San Francisco-based lender's stock has more than halved so far this week. Since the start of the year, it has lost nearly 95 per cent of its value, making it the worst-performing S&P 500 stock.
Reuters contributed to this report
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The years Ramadan fell in May
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
