Shares of San Francisco-based regional bank First Republic Bank were nose-diving further in premarket trading, piling up on the losses incurred on Friday.<br /><br />The stock was plunging 46.72% to $1.87 in premarket trading on Monday, according to Benzinga Pro data.<br /><br />The steep plunge came after the Federal Deposit Insurance Corporation confirmed the regional bank has been shuttered and its assets and deposits will be sold to JPMorgan Chase & Co.<br /><br />The federal agency worked overtime this week to settle things in a manner that the depositors were not subjected to any hardships. All of First Republic's branches would open on Monday at the appointed time as branches of JPMorgan Chase Bank.
