First Republic Might Not Need U.S. Aid. That Won’t Protect Stockholders.

Shares of

First Republic Bank

are still in free fall even after the banking industry provided the lender with billions of dollars in cash. That money might be enough to avoid having regulators step in to protect depositors, but investors are still worried their stakes in the bank will be either diluted or wiped out.

First Republic Bank (ticker: FRC) stock fell $10.85, or 47%, to close at $12.18 on Monday, adding to a plummet that has wiped out 90% of the stock’s value this month. The shares closed at $123.01 at the end of February.