First Republic gets $30 billion in deposits from 11 major U.S. banks, but stock resumes slide as it suspends dividend

However, First Republic stock fell 14.7% in after-hours trading after the bank said it would suspend its dividend to conserve cash. It held $34 billion in cash as of Wednesday, not including the additional $30 billion of uninsured deposits from the 11 banks. The banks are requiring First Republic to hold the deposits for at least 120 days. “It is not a bailout in my opinion until new capital is issued by First Republic to these banks. Bank stocks rose and First Republic’s stock moved up on the reports.