Shares of U.S. regional banks slumped on Monday, led by sharp losses in First Republic Bank as news of fresh financing failed to assuage fears of possible bank contagion following the collapse of SVB Financial Group and Signature Bank .
through JPMorgan and the U.S. Federal Reserve, gaining access to a total of $70 billion in funds.
Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. Art Hogan, chief market strategist at B. Riley Wealth, said the market is "finding out in real time what the risk of rising interest rates at such a fast pace can do to the balance sheets of some of the regional banks”.
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