Shares of First Republic Bank plunged more than 60 percent in premarket trading on March 13, despite the lender reassuring customers that their deposits are safe amid concerns surrounding the collapse of Silicon Valley Bank (SVB) and Signature Bank.
In an email to clients on Sunday, First Republic Founder and Executive Chairman Jim Herbert and CEO and President Mike Roffler stressed that the California-based bank and wealth management company’s capital “remains strong.”
