First Republic Bank's Troubles Persist Despite Wall Street Bailout

First Republic Bank's stock continues to plummet despite a $30 billion bailout from 11 of the biggest U.S. banks. The bank's credit rating was downgraded by S&P Global Ratings over the weekend, which said the rescue package may not solve the substantial business, liquidity, funding, and profitability challenges that the San Francisco-based bank is now likely facing. The collapse of Silicon Valley Bank and New York's Signature Bank has shaken investor confidence in regional lenders like First Republic, with concerns focused on uninsured deposits exceeding the FDIC's $250,000 cap. Meanwhile, the FDIC is extending the bidding process for the successor of Silicon Valley Bank.