Shares of First Republic Bank slumped after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week
is advising First Republic on its options to raise capital from investors, a source familiar with the situation said."Following Thursday’s uninsured deposit of $30 billion by the 11 largest banks in the country, together with cash on hand, First Republic Bank is well positioned to manage short-term deposit activity," the company said in a statement.
The large banks that contributed deposits to First Republic could potentially withdraw some of the funds and take equity stakes instead, said a legal expert who declined to be identified. But the person stressed that deposits cannot be converted into equity.
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