First Republic Bank shares slump 60% in premarket trade

First Republic Bank
FRC,
-14.84%
shares fell 60% after the weekend collapse of Signature Bank and Friday’s closure of SVB Financial, even as federal regulators stepped into guarantee those deposits and provide a new lending program. First Republic said it has access to more than $70 billion in unused liquidity after new support from the Federal Reserve and JPMorgan Chase. Also on the move: PacWest Bancorp
PACW,
-37.91%
dropped 27% and Western Alliance Bancorp
WAL,
-20.88%
fell 15%.