First Republic plans private stock sale to raise cash: report

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

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