First Republic Bank deposits take a tumble

Swift help: A customer uses an ATM at a Wells Fargo Bank in San Bruno, California. First Republic Bank got a US$30bil (RM133bil) lifeline in combined deposits from banking heavyweights, including Bank of America Corp and Wells Fargo & Co. — AFP

NEW YORK: First Republic Bank shares sank more than 20% after the closing bell on Monday as it says deposits plunged by more than US$100bil (RM444bil) in the first quarter and it was exploring options such as restructuring its balance sheet.

The deposit slump overshadowed profits that beat expectations for the beleaguered company, shored up through deposits from US banking giants last month after two regional lenders collapsed.