First Republic Plunges to Record Low as Rescue Plan Proves Elusive
- The shares slumped more than 50% after climbing earlier Friday
- Shareholders unlikely to emerge unscathed as options narrow
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First Republic Bank plunged to a record low as investors sorted through rescue scenarios, none of which is likely to be good for current shareholders.
The San Francisco-based bank gained as much as 6.6% and then collapsed more than 50% before trading was halted amid speculation that a takeover by regulators, while not the only possibility in play, is becoming more likely.