First Republic Bank rebounds

California bank sees shares rise Tuesday after Monday’s decline

By KATHERINE ZEHNDER NEWS-PRESS STAFF WRITER

San Francisco-based First Republic bank opened Monday morning with a 70% plunge in its stock prices and ended the day with a 61.8% decline.

But Tuesday was a better day for the bank, which has a branch located at 1200 State St. in Santa Barbara.

First Republic ended Tuesday with a 27.8% gain. At one point, it climbed more than 60%.

And the bank reported on Sunday that it had received additional funding from JPMorgan Chase and the Federal Reserve.

First Republic Bank’s plunge on Monday follows the Silicon Valley Bank collapse last week.

But the First Republic Bank decrease was less than the 87% decline experienced by Silicon Valley Bank, which was taken over by the Federal Deposit Insurance Corp. Bank of America, JP Morgan and other major banks saw their stock prices take a dive last week, but their prices stabilized on Friday.

First Republic Bank has more than 80 branches in seven states and held $176.4