Shares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank's financial condition even after a group of the nation's largest financial institutions teamed up on a $30 billion rescue package, Reuters reported. Trading in First Republic shares was halted numerous times due to the volatility. The shares have dropped around 88% in the past two weeks. First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S. banks last week in an effort to prevent its collapse. Over the weekend, the bank's credit rating was downgraded by S&P Global Ratings, which said that the rescue package should ease near-term liquidity pressures, but it “may not solve the substantial business, liquidity, funding, and profitability challenges” that it believes the San Francisco-based bank is now likely facing. Volume surpassed 184 million shares, compared with the daily average of less than 14 million shares. Shares closed down at $12.18, after touching an all-time low of $11.52 during intraday trading.
