First Republic Stock Falls Despite $30 Billion Big Banks Rescue Package

Regional bank stocks fell early Friday even after the country’s biggest lenders agreed to inject $30 billion in uninsured deposits into First Republic Bank.

The rescue plan, involving many of America’s largest banks, including

Bank of America

(ticker: BAC),

Citigroup

(C), and

JPMorgan Chase

(JPM), initially brought some relief to shares of regional banks but that optimism appears to have been short-lived.