Despite the government’s SVB guarantee, First Republic declines 60% and leads the slide in bank stocks.

• The Federal Reserve and JPMorgan Bank provided more liquidity to First Republic on Sunday.

• The move, according to the bank, increases its idle liquidity to $70 billion, before any funding from a new Fed facility.

• The Federal Reserve established a new Bank Term Financing Program, which would provide banks with loans for up to a year in exchange for high-quality collateral such as Treasurys.

First Republic Bank led a drop in bank shares on Monday, despite regulators’ unprecedented moves on Sunday evening to protect all depositors in collapsed Silicon Valley Bank and Signature Bank and provide additional capital to other vulnerable banks.

First Republic shares in San Francisco fell 61.8% on Monday after falling 33% the previous week. While regional bank stocks plunged substantially, PacWest Bank sank 45% and Western Alliance Bancorp fell more than 47%. Zions Bancorporation was down roughly 26%, while KeyCorp was down 27%. Other financial corporations were also under pressure, with Bank of America falling 5.8% and Charles Schwab dropping more than 11%.

Throughout the day, many bank stocks were suspended due to volatility.

The decreases occurred despite the fact that the Federal Reserve announced on Sunday the creation of a new Bank Term Financing Program, which would provide banks with loans for up to a year in exchange for high-quality collateral such as Treasurys. In addition, the central bank relaxed requirements at its discount window.

The Federal Reserve and JPMorgan Bank provided more liquidity to First Republic on Sunday. The bank stated that the move brings its idle liquidity to $70 billion, prior to any funding from the new Fed facility.

“First Republic’s capital and liquidity situations are very solid, and its capital remains far over the statutory requirement for properly-capitalized banks,” said founder and CEO Jim Herbert in a statement.

Herbert also told CNBC’s Jim Cramer on Monday that the bank was working normally and that not many depositors were leaving.