First Republic Bank (NYSE:FRC) Surges on Monday, Leading Regional Banks Higher.
First Republic Bank's stock rose 12% in Monday trading, rebounding from a 90% plunge since March due to concerns over deposit withdrawals and declining asset values. The KBW Nasdaq Bank Index and Financial Select Sector SPDR ETF also rose on Monday. US regulators are considering expanding an emergency lending facility for banks, potentially giving First Republic Bank more time to shore up its balance sheet. Deposit outflows were not as bad as feared, according to Federal Reserve data released on Friday.