Grab your🥤🍿 Looks like we got another dead bank walking.

“First Republic Bank Enters New Free Fall as Concerns Mount”

“The bank’s shares fell by about 50 percent on Tuesday, a day after it said customers had pulled $100 billion in deposits in the first quarter.”

“The bank received a temporary $30 billion lifeline last month from the nation’s biggest banks to help shore up its business. Those banks, however, can withdraw their deposits as soon as July. In the first quarter, First Republic also borrowed $92 billion, mostly from the Federal Reserve and government-backed lending groups, essentially replacing its deposits with loans.”

“First Republic is considered the most vulnerable regional bank after the banking crisis in March.”

“The bank’s options to save itself absent a government seizure or intervention are limited and challenging. No buyer has emerged for the bank in its entirety.”