Shares of First Republic Bank are cratering Friday as federal regulators are attempting to figure out a way to prevent it from collapsing, according to multiple reports.

First Republic shares were down more than 43 percent shortly before noon, extending a slide triggered by a dire earnings report released earlier this week. Shares of the bank are worth just more than $3, down from a peak of nearly $220 in late 2021.

The Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC) and the Treasury Department are meeting with banks and financial firms to craft a potential rescue package for First Republic, according to Reuters. Earlier this month, First Republic received $30 billion to back up deposits from a group of several megabanks after prodding from the Treasury Department.

First Republic, however, may be forced into federal receivership and taken over by the FDIC, according to CNBC. The FDIC took over Silicon Valley Bank and Signature Bank after their collapses in March.

First Republic has faced serious financial pressure and fears from markets and regulators since the outbreak of a banking crisis in March. Like SVB, the vast majority of First Republic’s deposits are over the FDIC’s deposit insurance threshold and the bank is responsible for steep unrealized losses on their Treasury Department bondholdings.

Concern around First Republic deepened Tuesday after the bank unveiled first-quarter earnings that were far worse than market analysts expected. Even with the $30 billion in aid from larger banks, First Republic lost 40 percent of the $176 billion in deposits it held at the end of last year.