First Republic plans private stock sale to raise cash: reports

First Republic is seeking to raise money from other banks or private-equity firms by selling new shares, the New York Times reported late Friday, citing people with knowledge of the discussions.

First Republic stock
FRC,
-32.80%
sank 33% on Friday, and the shares were down another 6% in the extended session. The bank, which late Thursday received a $30 billion cash infusion from 11 major U.S. banks, has disclosed higher borrowing costs and suspended its dividend.