First Republic Shares Sink by a Record 62% on SVB Turmoil (2)

The turmoil following the collapse of Silicon Valley Bank continued to spread Monday, with First Republic Bank shares falling a record 62% despite efforts by the US regional lender to reassure investors on its liquidity.

Declines accelerated despite a statement from the bank late Sunday that it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co. The KBW Bank Index dropped 12%, for the biggest slide in three years.

“The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home ...